Centre has firmed up its action plan to deal with the menace of bribe in the private sector. A Committee headed by prominent technocrat Kiran Karnik has been set up to prepare a comprehensive policy to deal with corrupt practices in the private sector. Official sources said that this policy will form the basis for amending laws that will treat bribery in the private sector as a criminal offence. Corporate Affairs Minister Veerappa Moily said in New Delhi that government is keen to frame a concrete policy on corporate governance. This will include the best international practices. Sources said that government is also planning to empower serious fraud investigation office and agency mandated to probe corporate scams with a statutory status. The agency is proposed to have authority to file charge sheets against the accused and impose punitive measures and even arrest persons found guilty. AIR correspondent reports that the move comes immediately after the Prime Minister Dr. Manmohan Singh said that bribery in the private sector will be treated as a crime in the private sector as is the case in public sector.