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Friday, February 26, 2010

MNCs should keep servers in India: CBI, IB

New Delhi: Top investigating agencies like the CBI, IB and SFIO have urged the Ministry of Corporate Affairs to include a clause in the new companies bill to make it mandatory for MNCs to maintain a server within India, reports PTI. The gencies want to be able to have better access to their business-related information and data.

"There are genuine concerns about companies storing confidential data in servers that are stationed abroad. It makes it difficult for agencies (like Central Bureau of Investigation (CBI), Intelligence Bureau (IB), and Serious Frauds Investigation Office (SFIO) to seize the data, as companies always say they have no access as it is kept in a server abroad," an official source told PTI.

The development comes in the wake of huge financial frauds like last year's Rs. 10,000-crore accounts bungling at Satyam, which is also alleged to have siphoned off large amount of money to tax havens like Mauritius.

The Economic Intelligence Council (EIC), which also comprises agencies like the Narcotics Control Bureau, Enforcement Directorate and Sebi, has suggested to the Corporate Affairs Ministry to mandate each MNC to maintain a server in the country by bringing in a new clause in the new companies bill, sources said.

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