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_________ has various provisions and safeguards in relation to detecting, preventing and penalising corporate fraud.
1. Companies Act, 2013
2. Indian Contract Act, 1872
3. Income Tax Act, 1961
4. Indian Penal Code, 1860

1 Answer

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Correct Answer - Option 1 : Companies Act, 2013

The correct answer is the Companies Act, 2013.

  • Companies Act 2013 (CA 2013)
    • This has various provisions and safeguards about detecting, preventing, and penalizing corporate fraud. Hence, Option 1 is correct.
    • In addition to providing an inclusive definition of the term fraud, the CA 2013 sets out the responsibilities of various persons/authorities/officials for the prevention and reporting of fraud.

  • Indian Penal Code 1860 (IPC)
    • This sets out the penal provisions concerning the majority of criminal offenses in India.
    • With regards to fraud, the IPC penalizes dishonest misappropriation of property, criminal breach of trust, cheating and dishonestly inducing delivery of property, and forgery (among others).
  • The Indian Contract Act, 1872
    • It prescribes the law relating to contracts in India and is the key act regulating Indian contract law.
    • The Act is based on the principles of English Common Law. It applies to all the states of India.
  • The Income-tax Act, 1961
    • It is the charging statute of Income Tax in India.
    • It provides for levy, administration, collection, and recovery of Income Tax.
    • The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957.

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