A parliamentary panel on Thursday asked the Ministry of Corporate Affairs to fill all vacancies in the Serious Fraud Investigation Office (SFIO) to enable it to expedite investigations against erring companies. In a report tabled in Parliament, the Standing Committee on Finance noted that 150 posts are lying vacant out of the sanctioned 238 posts.
As per the report, the ministry has claimed that the posts will be filled during the year.
“The Committee had earlier flagged that the Ministry’s proposal of increasing the sanctioned strength in SFIO by 105 posts to 238 would only result in increasing vacancies going by their track record,” the report said.
Given that 87 investigation cases involving 762 companies are in progress, the panel recommended that the enhancement in budget be fully utilized towards filling up the vacancies in SFIO within the current financial year itself.
The panel also observed that six years after the enactment of the Insolvency and Bankruptcy Code (IBC), the conduct of Resolution Professionals (RPs) is an impediment that has hindered the quality and sanctity of the Code as envisaged.
Out of the 6,523 complaints disposed against RPs, 535 investigations have been ordered and 166 show-cause notices have been issued. The report further said the ministry has informed that the RPs have been mandated by the Insolvency and Bankruptcy Board of India (IBBI) to undergo continuing professional education on a regular basis.
