Shruti Sharma
Rule 3 & 4 of The Companies (Inspection, Investigation and Inquiry) Rules, 2014
Updated: Oct 4, 2022
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Rule 3 and 4 of Companies (Inspection, Investigation, and Inquiry) Rules, 2014 are applicable to the Establishment of Serious Fraud Investigation Office is addressed under Section 211 of the Companies Act, 2013, which is applicable here.
Rule 3:- "Appointment of persons having expertise in various fields."
The "Appointment of persons having expertise in various fields" is referred to in Rule 3 of The Companies (Inspection, Investigation, and Inquiry) Rules, 2014. — The rules states that:
For the effective performance of Serious Fraud Investigation Office (SFIO) functions under the Act, the Central Government may appoint individuals with competence in investigations, cyber forensics, financial accounting, management accounting, cost accounting, and any other sectors.
Rule 4:- Terms and conditions of service
Terms & Conditions of Service are mentioned in Rule 4. Under subsection (5) of Section 211, the Director, experts, and other officers and employees of the Serious Fraud Investigation Office shall be subject to the following terms and conditions of service:
The first clause indicates that the Central Staffing Scheme of the Government of India's deputation guidelines shall regulate the terms and conditions of the Director's appointment;
The second clause states that the terms and conditions of service for experts from the Central Government, State Governments, Union Territories, Public Sector Undertakings, Autonomous Bodies, and other organizations shall be in accordance with the recruitment rules duly notified by the Central Government under Article 309 of the Indian Constitution.
The third clause states that the terms and conditions of service for other officers and employees of the Central Government, State Governments, Union Territories, Public Sector Undertakings, Autonomous Bodies, and such other organizations shall be as per the recruitment rules duly notified by the Central Government under Article 309 of the Indian Constitution.
The final clause indicates that the Central Government may recruit experts or consultants or other professionals or professional firms on a contractual basis in accordance with the Scheme of engagement of experts or consultants that the Central Government has duly approved.