Serious Fraud Investigation Office (SFIO), being a multi-disciplinary organization under the Ministry of Corporate Affairs, consisting of experts from various fields for detecting and prosecuting white collar crimes/frau

Circumstances under which the Central Government may assign investigations into the affairs of the Company to SFIO As per section 212(1) of the Companies Act, 2013 (the Act), without prejudice to the provisions of section 210, where the Central Government is of the opinion, that it is necessary to investigate into the affairs of a company by the Serious Fraud Investigation Office- on receipt of a report of the Registrar or inspector under section 208; on intimation of a special resolution passed by a company that its affairs are required to be investigated; in the public interest; or on request from any Department of the Central Government or a State Government, the Central Government may, by order, assign the investigation into the affairs of the said company to the Serious Fraud Investigation Office and its Director, may designate such number of inspectors, as he may consider necessary for the purpose of such investigation. Further as per 212(2) of the Act, where any case has been assigned by the Central Government to the Serious Fraud Investigation Office for investigation under this Act, no other investigating agency of Central Government or any State Government shall proceed with investigation in such case in respect of any offence under this Act and in case any such investigation has already been initiated, it shall not be proceeded further with and the concerned agency shall transfer the relevant documents and records in respect of such offences under this Act to Serious Fraud Investigation Office. Provisions relating to Bail by Special Court As per section 212(6) of the Act, notwithstanding anything contained in the Code of Criminal Procedure, 1973/Bharatiya Nagarik Suraksha Sanhita, 2023, offence covered under section 447 of this Act shall be cognizable and no person accused of any offence under those sections shall be released on bail or on his own bond unless- the Public Prosecutor has been given an opportunity to oppose the application for such release; and where the Public Prosecutor opposes the application, the court is satisfied that there are reasonable grounds for believing that he is not guilty of such offence and that he is not likely to commit any offence while on bail: Provided that a person, who, is under the age of sixteen years or is a woman or is sick or infirm, may be released on bail, if the Special Court so directs: Provided further that the Special Court shall not take cognizance of any offence referred to this sub-section except upon a complaint in writing made by- the Director, Serious Fraud Investigation Office; or any officer of the Central Government authorised, by a general or special order in writing in this behalf by that Government. As regards bail, even when the person is found to be guilty, the Special Court has not been conferred with any powers under Section 212 of the Act to grant bail in such circumstances.