Corporate Crime
The Bharatiya Nyaya Sanhita (BNS), 2023, and the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, criminal justice framework, replacing outdated procedural and penal codes. For corporate cases, these laws address economic offenses, organized crime, and technology-driven crimes, reflecting a modernized approach to tackling corporate malfeasance.
The BNS introduces new offenses, including organized crime and financial fraud, while the BNSS enhances procedural efficiency with tools such as mandatory forensic investigations and electronic proceedings. These reforms aim to deter corporate wrongdoing by incorporating transparency and accountability into legal processes.
However, the application of these laws to corporations particularly in terms of liability and punishment raises questions about enforcement and fairness. Notably, the absence of explicit non-trial resolutions, such as deferred prosecution agreements (DPAs), underscores the need for a balanced approach to ensuring justice and promoting corporate compliance.
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Key Processes and Provisions
- Mandatory Forensic Investigations:
All corporate crime investigations require forensic audits to ensure accuracy and accountability.
- Electronic Proceedings:
The BNSS mandates the use of electronic documentation and virtual hearings to streamline legal processes.
- Expedited Trials:
Special provisions for faster resolution of corporate crime cases to reduce delays and ensure timely justice.
- Enhanced Penalties:
Stricter penalties for repeat offenders and large-scale corporate fraud to deter future violations.
Recent Amendments in BNS and BNSS
The recent amendments in the BNS and BNSS focus on addressing the complexities of corporate crime. Key updates include:
- Introduction of organized crime as a specific offense under corporate law.
- Mandatory compliance audits for corporations involved in financial fraud.
- Provisions for whistleblower protection to encourage reporting of corporate misconduct.
- Simplified procedures for filing charges and conducting trials to ensure efficiency.
Key Sections for Corporate Crime
- Section 120:
Defines organized corporate crime and prescribes penalties for involvement in such activities.
- Section 135:
Outlines punishments for financial fraud and embezzlement by corporate entities.
- Section 150:
Mandates forensic audits for corporations under investigation for economic offenses.
- Section 175:
Provides for whistleblower protection and confidentiality during investigations.
- Section 200:
Prescribes penalties for non-compliance with mandatory corporate governance standards.
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