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Inspection and Investigation Rules G.S.R. 247(E)

The Companies (Inspection, Investigation and Inquiry) Rules, 2014

Appointment of experts to the Serious Fraud Investigation Office and their terms of service, the security an applicant must give before an inspector is appointed under section 210(3), and the transmission of a letter of request under section 217.

6 Rules
G.S.R. 247(E) Notification
Rs. 25,000 Maximum security
None Amendments
G.S.R. 247(E) Enacted 31 March 2014 Enforced 01 April 2014 Ministry of Corporate Affairs As amended upto Principal rules, unamended
Made under

The Companies Act, 2013 Chapter XIV

s. 210 s. 211 s. 214 s. 217 s. 469
6 rules visible
Default readable text
Opening text

Preamble

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 31st March, 2014
G.S.R. 247(E).--In exercise of the powers conferred under sub-section (2) of Section 211, sub-section (5) of Section 211, Section 214, sub-section (3) of Section 210, and sub-section (11) of Section 217, read with sub-sections (1) and (2) of Section 469 of the Companies ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013), 2013 (18 of 2013) and in supersession of the Companies (Central Government's) General Rules and Forms, 1956 or any other relevant rules prescribed under the Companies ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013), 1956 (1 of 1956) on matters covered under these rules, except as respects things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely:--
Chapter I

Preliminary

2 rules
R. 1 Short title and commencement
Open rule
1. Short title and commencement.--
(1) These rules may be called the Companies (Inspection, Investigation and Inquiry) Rules, 2014.
(2) They shall come into force on the 1st day of April, 2014.
R. 2 Definitions
Open rule
2. Definitions.--
(1) In these rules, unless the context otherwise requires,--
(a) "ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013)" means the Companies ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013), 2013 (18 of 2013);
(b) "AnnexureDefined in rule 2(b): Annexure means the Annexure to these rules" means the AnnexureDefined in rule 2(b): Annexure means the Annexure to these rules to these rules;
(c) "FeesDefined in rule 2(1)(c): the fees as specified in the Companies (Registration offices and fees) Rules, 2014." means the feesDefined in rule 2(1)(c): the fees as specified in the Companies (Registration offices and fees) Rules, 2014. as specified in the Companies (Registration offices and feesDefined in rule 2(1)(c): the fees as specified in the Companies (Registration offices and fees) Rules, 2014.) Rules, 2014;
(d) "FormDefined in rule 2(d): Form or e form means a form set forth in Annexure to these rules which shall be used for the matter to which it relates" or "e formDefined in rule 2(d): Form or e form means a form set forth in Annexure to these rules which shall be used for the matter to which it relates" means a formDefined in rule 2(d): Form or e form means a form set forth in Annexure to these rules which shall be used for the matter to which it relates set forth in AnnexureDefined in rule 2(b): Annexure means the Annexure to these rules to these rules which shall be used for the matter to which it relates;
(e) "Regional DirectorDefined in rule 2(1)(e): the person appointed by the Central Government in the Ministry of Corporate Affairs as a Regional Director." means the person appointed by the Central Government in the Ministry of Corporate Affairs as a Regional DirectorDefined in rule 2(1)(e): the person appointed by the Central Government in the Ministry of Corporate Affairs as a Regional Director.;
(f) "SectionDefined in rule 2(f): Section means the section of the Act; (2) Words and expressions used in these rules but not defined and defined in the Act or in Companies (Specification of definitions details) Rules, 2014 shall have the meanings respectively assigned to them in the Act and said rules." means the sectionDefined in rule 2(f): Section means the section of the Act; (2) Words and expressions used in these rules but not defined and defined in the Act or in Companies (Specification of definitions details) Rules, 2014 shall have the meanings respectively assigned to them in the Act and said rules. of the ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013);
(2) Words and expressions used in these rules but not defined and defined in the ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013) or in Companies (Specification of definitions details) Rules, 2014 shall have the meanings respectively assigned to them in the ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013) and said rules.
Chapter II

Serious Fraud Investigation Office

2 rules
R. 3 Appointment of persons having expertise in various fields
Open rule
3. Appointment of persons having expertise in various fields.--
The Central Government may appoint persons having expertise in the fields of investigations, cyber forensics, financial accounting, management accounting, cost accounting and any other fields as may be necessary for the efficient discharge of Serious Fraud Investigation Office (SFIO) functions under the ActDefined in rule 2(a): Act means the Companies Act, 2013 (18 of 2013).
R. 4 Terms and condition of service
Open rule
4. Terms and Condition of service.--The terms and conditions of service of Director, experts and other officers and employees of the Serious Fraud Investigation Office under sub-section (5) of Section 211 shall be as unders--
(a) the terms and conditions of appointment of Director shall be governed by the deputation rules under the Central Staffing Scheme of Government of India;
(b) the terms and conditions of service of experts from the Central Government or the State Government or Union territory Government, Public Sector Undertaking, Autonomous Bodies and such other organizations shall be as per the recruitment rules which may be duly notified by the Central Government under article 309 of the Constitution of India;
(c) the terms and conditions of service of other officers and employees from the Central Government or the State Government or Union Territory Government, Public Sector Undertaking, Autonomous Bodies and such other organizations shall be as per the recruitment rules which may be duly notified by the Central Government under article 309 of the Constitution of India;
(d) the Central Government may appoint experts or consultants or other professionals or professional firms on contractual basis as per the Scheme of engagement of experts or consultants which may be duly approved by the Central Government.
Chapter III

Security and Letters of Request

2 rules
R. 5 Security
Open rule
5. Security.--
(1) The Central Government may before appointing an inspector under sub-section (3) of Section 210, require the applicant to give a security not exceeding twenty-five thousand rupees for payment of the costs and expenses of investigation as per the criteria given below--
S. No | Turnover as per previous year balance sheet (Rs.) | Amount of security (Rs.)
1
Turnover up to Rs. 50 crore
Rs. 10,000
2
Turnover more than Rs. 50 crore and up to 200 crore
Rs. 15,000
3
Turnover more than Rs. 200 crore
Rs. 25,000
(2) The security shall be refunded to the applicant if the investigation results in prosecution.
R. 6 Letter of request, as per section 217
Open rule
6. Letter of Request, as per Section 217.--The letter of request shall be transmitted in such manner as specified by the Ministry of Corporate Affairs.