Experts for inclusion of SIFO in new Cos Bill

The Corporate Affairs Ministry should include Serious Fraud Investigation Office (SFIO) as a part of the proposed Companies Bill to prevent recurrence of Satyam-like frauds in future, speakers emphasised at a workshop on corporate governance here on Tuesday.

It was also stressed that companies should sign integrity pact with their employees as part of the exercise to promote corporate governance within the organisation.

High standards of corporate governance, Airports Authority of India Chief Vigilance Officer D S Mishra said, helps in building good brand image of the company, improves trust and higher confidence among staff.

“We have implemented integrity pact for procurement, important matters or decisions concerning public interface placed on AAI website,” he added.

“Civil society needs to build pressure on the Ministry to include SFIO in the proposed Companies Bill Act... if more teeth is added to it that will help SFIO deal with frauds,” a senior business journalist said.

Navita Srikant Partner and National Leader (Fraud Investigation and Dispute Services) Ernst and Young India said, “There is a need to constantly remind people (firms) about the code of conduct.”

Further, Anupama Jha Executive Director Transparency International made a case for more public disclosures by firms.

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