The Serious Fraud Investigation Office (SFIO) will have powers to investigate and prosecute corporate entities under the Companies Bill, 2011, expected to be cleared by the Union Cabinet before Diwali.  The bill also envisages rotation of company auditors for higher accountability, corporate social responsibility, a more effective regulation of related party transactions and stricter provisions to prevent siphoning of funds through subsidiary and associate companies.  The government expects the bill to modernise,...

-The Economic Times   The Supreme Court has issued notices to social activist Anna Hazare on a public interest litigation, seeking direction to CBI to investigate 'financial irregularities' in his trust. The court also sought response from Hazare on the plea seeking his prosection for alleged siphoning of funds. A bench comprising Justice Aftab Alam and Justice Ranjana Desai also sought responses from the Centre, CBI and the Maharashtra Government on the...

-The Indian Express   The Supreme Court today agreed to hear a PIL seeking a CBI probe into alleged siphoning off of funds given to an NGO Hind Swaraj Trust run by anti-corruption crusader Anna Hazare and issued notices to the Centre and Maharashtra government. A Bench of Justices Aftab Alam and Ranjana Desai sought the governments' response on a petition filed by lawyer Manohar Lal Sharma accusing Hazare of siphoning off of...

A new draft Bill holds much promise to augment the development delivery mechanism. It is the new mining Bill, 2011, which has specific provisions for earmarking funds for development purposes in the mineral-rich districts that happen to be the regions with high poverty ratios. Revamped mining legislation can boost transparency in the vexed sector that seems much prone to illegality, corruption and extensive Fraud.  Further, a well-crafted mining law can actually...

The National Campaign for the People's Right to Information (NCPRI), which — along with other civil society groups — held a two-day convention here on its draft Bills on Grievance Redress and Whistleblower Protection, has urged the government immediately to put up the drafts for wide public consultation. Earlier this year, the NCPRI unveiled a “Basket of Lokpal measures” intended to address corruption and grievances relating to delivery of services. Among...