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Crackdown on frauds

Assuming office in the backdrop of India's biggest corporate fraud in Satyam Computer Services, newly appointed Corporate Affairs Minister Salman Khursheed said on Friday that the UPA government will take all steps to protect the small investor, reports HT Correspondent.

business Updated: May 29, 2009 20:57 IST
HT Correspondent

Assuming office in the backdrop of India's biggest corporate fraud in Satyam Computer Services, newly appointed Corporate Affairs Minister Salman Khursheed said on Friday that the UPA government will take all steps to protect the small investor. He underlined that transparency and dissemination of information for the common investor would be key to build publicing confidence.

He also called for more teeth to the Serious Fraud Investigations Office (SFIO). “SFIO has some limitations as it does not have the powers that CBI (Central Bureau of Investigation) and the police enjoy. It is an in-house investigative agency, we will see how it can be made more effective though there is no point in duplicating functions,” he said.

The minister, a lawyer by training, added that the Companies Bill 2008, which has lapsed after introduction in parliament, would be taken up for revival on priority basis. “We want the Companies Bill to go as it is as the basic structure has gone through much scrutiny,” he said.

On the Satyam episode he said the government was keeping a close watch on the developments. "The SFIO has completed the investigation in the case and the Ministry has asked the SFIO to chalk out a strategy for prosecution in coordination with the CBI," the minister said.