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Ministry Of Corporate Affairs in India

IndianMoney.com Research Team | Posted On Friday, January 04,2019, 06:08 PM

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Ministry Of Corporate Affairs in India

 

 

The Ministry of Corporate Affairs is a regulatory body that is concerned with the functioning of corporate bodies under the law. The Ministry of Corporate Affairs MCA, is an Indian government ministry that administers these acts: the companies’ act 2013, the monopolies and restrictive trade practices act 1969, the limited liability partnership act 2008 and other allied acts. The companies’ act of 2013 replaced the companies’ act of 1956 to prevent corruption and fraud by corporations that plague the economy.

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Ministry Of Corporate Affairs in India

 The Ministry of Corporate Affairs is responsible for promoting and devising better laws that help carry out business efficiently, without weakening the standard of governance.

Key objectives of ministry of corporate affairs:

  • To simplify and implement an effective Companies Act, 2013 and other allied laws in order to help corporates and enterprises carry out business easily without diluting corporate governance standards.
  • To Speed up the process of identifying non-compliance under the Companies Act, 2013 and other laws and prosecution for non-compliance.
  • To provide an efficient system that would speed up the process of serious fraud investigation.
  • To Promote LLP and one-person company among small and mid-sized enterprises and start-ups.
  • To Promote fair trade and healthy competition
  • Effective implementation of Insolvency and Bankruptcy Code, 2016 by making IBBI fully functional.
  • To strengthen e-Governance in order to improve transparency and efficiency in service delivery.
  • Disseminate corporate data to public (right to information act, RTI ) including research and analysis
  • To strengthen regulatory institutions and also institutions of good governance.
  • To encourage business firms adopt good governance and responsible business practices.

Ministry of Corporate Affairs in India:

The main objective of the ministry of corporate affairs is to transform the regulatory environment of the corporates, to protect the interest of the stakeholders in a competitive environment and to strengthen the corporates and help achieve excellence. 

For providing effective services to the investors, the MCA has devised a well defined citizen’s charter. The Ministry has also prescribed a strong decision making procedure in accordance with the rules and regulations prescribed by the Central Government. The Department of Company Affairs was first constituted in the 1950s. It became a separate Ministry bestowed with the power to regulate corporates in 2004 and acquired its present name in May, 2007.

SEE ALSO: Ministry Of External Affairs In India

Ministry of corporate affairs ministers:

Outlined below are the names of the ministers of corporate affairs and the posts they hold:

Minister: Arun Jaitley

Minister of state – P.P. Chaudhury

Secretary – Injeti Srinivas

DGcoA –  N.K Bhola

Additional secretary – Anjali Bhawra

SEE ALSO: Ministry Of Labour And Employment

Ministry of Corporate Affairs Company Search:

The stakeholders can check for company name on the official web portal of ministry of corporate affairs, MCA.

  • To check the company name, the stakeholder must click on ‘MCA services’ on the homepage of the website.
  • The ‘company search’ option is listed under the ‘company services’ options.

Under this service the stakeholders can check and ensure the selected name of the company does not contain any word that is prohibited in section 4 (2) and (3) of the companies act 2013. Stakeholders can also indulge in the trademark search to make sure the proposed name is not a violation vis-a-vis prohibitions of section 4 (2) of the companies act. The stakeholders can provide the name of the company and the activity types in the dialog box provided and click on search to complete the company search process.

See Also: corporate tax in india

Ministry of corporate affairs Registrar of companies:

The Register of Companies is appointed by the Union Government under section 396 of the Companies Act, 2013. The Registrar of Companies (ROCs) are responsible for overlooking the administration of Companies Act and Limited Liability Partnership Act - from Incorporation of Companies and LLPs, custody of the records, issue of certified copies, inspection of records that are maintained by general public as well as carry out other functions, approvals and certifications assigned to the ROCs as per the respective Acts.

The registrar of companies has been granted the task of overall supervision and execution of duties that pertains to The Companies Act and other allied acts.

The ROCs can perform enforcement functions which include taking action against the companies and the directors or officers in case of defaults for contraventions of the provisions of the Acts, striking off the names of the Companies and LLPs, conducting inquiries and inspections as per section 206 of the Companies Act, 2013 on receipt of complaints. The ministry has established offices of Registrar of Companies having jurisdiction over the companies having their registered offices in the respective States and Union territories.

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