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Foreign Firms not Leaving India on Policy Issues: Govt

Monday, 18 March 2013, 04:47 Hrs
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New Delhi: The government said there are no broad trends to suggest that foreign companies are leaving the country on account of policy-related issues.

"Broad trends do not suggest that foreign companies are leaving the country on account of policy related issues," Corporate Affairs Minister Sachin Pilot said in a written reply to the Rajya Sabha to a query on whether foreign firms were leaving India due to policy paralysis and regulatory issues.

Asked about the number of firms having entered and exited the country in the last three years, the Minister said the information in this regard is being collected from the concerned organisations.

In reply to a separate question, Pilot said there was no "verified information" to suggest that cases of corporate frauds are on the rise.

On steps taken by the government to prevent frauds, he said: "The Ministry (Corporate Affairs) has evolved a system to generate Early Warning System to help in detection of frauds at an early stage".

Pilot said that "any serious instance or complaint relating to diversion of funds, fudging of accounts and mismanagement is referred for investigation to Serious Fraud Investigation Office".

"For violations/contraventions of provisions of the Companies Act, 195, necessary prosecutions are filed and for prosecutions under the Indian Penal Code, complaints are filed in the jurisdictional courts," he added.

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Source: PTI
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