The government on Monday said it has received 782 inspection reports for companies that indulged in various irregularities during the last five years and penal action has been taken against the defaulters.

“During the five years that is 2008-09 to 2012-13, 782 inspection reports in respect of companies were received in the Ministry,” Corporate Affairs Minister Sachin Pilot informed the Rajya Sabha in a written reply.

“Based on the findings in the inspection reports, penal actions have been taken against the companies and their directors/officers in default for violation of various provisions of the Companies Act, 1956,” he added.

Besides, Mr. Pilot said that his Ministry has initiated certain steps to keep effective check on frauds/irregularities committed by companies.

These include an early warning system to generate alerts on the basis of certain parameters.

Further, a Market Research and Analysis Unit has been set up in the Serious Fraud Investigation Office, he said.

“Certain class of companies have been mandated to file their balance sheets in Xtensible Business Reporting Language (XBRL) mode for analysis of data and generation of alerts on the basis of certain parameters,” he added.

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