Lemon Ltd. was involved in a banking fraud worth approximately ₹ 1,220 crores. The company was accused of siphoning off funds from loans provided by various banks, with the money allegedly being diverted to shell compani

Cases to be investigated: As per Section 212 (1) of the Companies Act, 2013, the Central Government may assign the investigation into the affairs of a company to the Serious Fraud Investigation Office- on receipt of report of the Registrar or Inspector under section 208; on intimation of a special resolution passed by a company requesting an investigation into its affairs; in public interest; on the request of any Department of Central Government or State Government. The procedure of investigation to be followed by SFIO: On receipt of such order from the Central Government, Director, SFIO may designate such number of Inspectors as he may consider necessary for the purpose of such investigation. As per sub-section (3) of section 212 of Companies Act, 2013, the investigation into the affairs of a company shall be conducted in the manner and by following the procedure specified in Chapter XIV of Companies Act, 2013. The SFIO shall submit its report to the Central Government within the period specified in the order. As per sub-section (4) of section 212 of Companies Act, 2013, the Director SFIO shall cause the affairs of the company to be investigated by an investigating officer, who shall have the powers of the Inspector under section 217 of the Companies Act, 2013. As per sub-section (5) of section 212 of Companies Act, 2013, it shall be the responsibility of the company, its officers and employees, who are or have been in the employment of the company to provide all information, explanation, documents and assistance to the investigating officer as he may require for conduct of investigation. As per sub-section (11) of section 212 of Companies Act, 2013, the Serious Fraud Investigation shall submit an interim report, if so directed by the Central Government. As per sub-section (12) of section 212 of Companies Act, 2013, on completion of investigation, the SFIO shall submit the Investigation Report to the Central Government.