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Lakshmi Foods Ltd. wants to know which authority has power to investigate serious fraud in the affairs of a company under the Companies Act, 2013 and is a body set up by the Central Government for that purpose.

The Serious Fraud Investigation Office, established by the Central Government under the Companies Act, 2013, investigates serious corporate fraud. CCI regulates competition and IRDAI regulates insurance, while the Registrar's role is mainly registration and compliance rather than specialised fraud investigation.

  1. ASerious Fraud Investigation OfficeCorrect
  2. BCompetition Commission of India
  3. CInsurance Regulatory and Development Authority of India
  4. DRegistrar of Companies only

Explanation

The Serious Fraud Investigation Office (SFIO), set up by the Central Government under the Companies Act, 2013, investigates complex corporate frauds. CCI deals with competition and IRDAI with insurance. The Registrar has inspection powers but SFIO is the specialised fraud investigation body.

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