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Cases of corporate frauds are on the increase

Posted on 05 September 2011,    
 3102    Share  Report

There is no verified information available to suggest that the cases of corporate frauds are on the increase.

 

          Number of prosecutions filed for the violations of the provisions of the Companies Act, 1956 for the last three years are as under :-

 

Year          No. of Prosecutions          Total fine imposed

2007-08             17080                         Rs. 111.84 lakh

2008-09            13971                          Rs. 110.58 lakh

2009-10              9021                          Rs. 92.30 lakh

         

Since 2006, the Ministry has implemented MCA-21, an e- Governance project, bringing greater transparency as the data available in the public domain can be viewed by any person. The Ministry has also evolved System to help in detecting likely fraud at an early state. In the process of development of Early Warning System (EWS), the Ministry has identified certain Risk Parameters which can be run on the data available with the Ministry of Corporate Affairs, on financial statements furnished by the companies in e-forms developed by the Ministry.



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