PMLA - Even if predicate offences were not directly linked to appellants, ingredients of money laundering under PMLA could still apply as per settled legal precedent: SAFEMA Tribunal (See 'Legal Desk') PMLA - Attachments of even bank balances can be sustained if enforcement agency satisfies statutory scheme and evidentiary requirements: SAFEMA Tribunal (See 'Legal Desk') Joshi releases Indian Standard for Electric Agricultural Tractor (See 'Corp Brief') IPR - Generic or commonly descriptive word can never become trade marks on their own as they never acquire distinctiveness or a secondary meaning: HC (See 'Legal Desk') NTH signs MoU with DRDO's DMSRDE for research, testing and training collaboration (See 'Corp Brief') IPR - Kohinoor's trademark registrations in Delhi and marketing agreement executed between parties in Delhi were sufficient to vest territorial jurisdiction in Court: HC (See 'Legal Desk') Gypsum Board Testing and Micro-Characterisation Laboratories Inaugurated (See 'Corp Brief') IBC - Paramount consideration should be interest of homebuyers who are entitled to allotment and possession of completed units: HC (See 'Legal Desk') Govt notifies Colliery Control (Amendment) Rules, 2025 (See 'Corp Brief') IPR - If marks/trade dress of parties, are similar, and areas of operation/business are same, and target consumers are also similar, there is complete likelihood that deception and confusion will occur with consumers: HC (See 'Legal Desk') NIFTEM-K signs MoU with Ministry of Minority Affairs to implement PM Vikas Scheme (See 'Corp Brief') A&C - Developer's failure to establish escrow account and its prolonged delay in project completion demonstrated financial indiscipline: HC (See 'Legal Desk') CSIR Labs driving Atmanirbhar Bharat through indigenous technologies: MoS (See 'Corp Brief') A&C - DMRC is not in violation of obligations under Concession Agreement, if DMRC had co-operated with PDL and sub-licensee and non-completion of project was because of failure of PDL: HC (See 'Legal Desk') India now sets Global Benchmarks in Space, Defence, and Innovation: MoS (See 'Corp Brief') PMLA - Provisional attachments under Section 5 of PMLA can be initiated without chargesheet under Section 173 of CrPC, based on sufficient material: HC (See 'Legal Desk')

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SFIO tasked with 59 probes in last two years: MoS

Published: Sep 15, 2020

By TIOLCORPLAWS News Service

NEW DELHI, SEPT 15, 2020:The Ministry of Corporate Affairs (MCA) has information of the companies which have violated the provisions of Company Law. This was stated by Mr Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha yesterday.

MCA either directly or through Regional Directors (RDs)/ Registrar of Companies (ROCs) receive complaints against companies from public (Individual/entities), from other Ministries etc., which are examined and action is taken as per the provisions of the Companies Act, 2013 which includes ordering and conducting Inquiries, Inspections or Investigations in terms of section 206(1),(4),(5), section 210 and section 212 of the Companies Act, 2013 respectively as the case may be on merits of each case in complaints of such nature involving fraud which require multi-disciplinary action, where large public interest and huge money transactions are involved are assigned to the Serious Fraud Investigation Office (SFIO) by the MCA. 

In his written reply, Mr Thakur gave details of Inquiries/Inspections/Investigations ordered during last two years from 2018-19 and 2019-20 as under:

No of Inquiry ordered u/s 206 (4)

No of Inspection ordered u/s 206 (5)

No of Investigation ordered u/s 210

No of Investigation ordered u/s 212 for SFIO

878

674

167

59

Shri Thakur said that the reasons for ordering Inquiries/Inspections/Investigations varies from case to case such as frauds, non-compliance of the provisions of the Companies Act, non-refund of deposit received from public under the Companies Act, complaints received from other Ministries, Forwarding the complaints filed by the banks on borrowings by the companies and on the basis of orders of Hon'ble Court/Tribunal.

There are 660 number of cases in which enquiry has been conducted.  Based on the findings, prosecutions are filed under the provisions of the Companies Act, 2013, the Minister said.

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