In order to regulate the corporate affairs of the country, the Ministry of Corporate Affairs has been given the power through the Companies Act of 1956 along with the Companies Act of 2013 as well as the various other allied acts.
Primary Responsibilities of the Ministry of Corporate Affairs
Except the regulatory powers that the Ministry of Corporate Affairs has, there are various other functions as well that the ministry performs. Some of them are:
1. The MCA administers the Competition Act of 2002 in order to:
· Prevent any practice that may adversely affect competition
· Promote as well as sustain the competition in the market
· Protect the interest of the consumer via the Commissions that are established in the Act.
2. There are three different bodies that were incorporated through various acts of the Parliament. MCA supervises those three professional bodies:
· Institute of Chartered Accountants of India (ICAI)
· Institute of Company Secretaries of India (ICSI)
· Institute of Cost Accountants of India (ICAI)
3. MCA also helps in the execution of the functions of the Central Government in accordance with the administration of the following:
· Partnership Act, 1932,
· Companies (Donations to National Funds) Act, 1951
· Societies Registration Act, 1980.
Umbrella of Acts governed by Ministry of Corporate Affairs
The following acts are governed by the Ministry of Corporate Affairs:
· Companies Act, 1956
· Companies Act, 2013
· Limited Liability Partnership Act, 2008
· Insolvency and Bankruptcy Code, 2016
· Competition Act, 2002
· Partnership Act, 1932
· Chartered Accountants Act, 1949
· Cost and Works Accountant Act
· Company Secretaries Act, 1980
· Societies Registration Act, 1860
· Companies (Donation to National Fund) Act, 1951
· Accounting Standards and other circulars
Vision and Mission of the Ministry of Corporate Affairs
The Vision of the Ministry of Corporate Affairs is to function in order to be a world class facilitator of corporate governance.
The mission of theMinistry of Corporate Affairs is mentioned below:
· To bring changes in the regulatory environment in order to make the Compliances easy.
· To create a balance between the competing interests of the stakeholders.
· To set up as well as strengthen the institutions so that they can achieve excellence in the delivery of services.
Registrar of Companies (ROC)
The Ministry of Corporate Affairs has set up an office by the name of Registrar of Companies (ROC). This body was incorporated to look after the administration of the Companies as well as the Limited Liability Partnerships in the country. Among all the major states as well as the Union Territories, there are approximately 25 Registrar of Companies (ROCs) present and functioning. Although two states namely Maharashtra and Tamil Nadu, have more than one Registrar each. Under the Companies Act of 1956 Section 609 gives the power to the ROC to register the Companies as well as the Limited Liability Partnerships all over India. After the introduction of Companies Act of 2013 the powers of the ROC have not changes but the Section governing the same has been changed to Section 396.
It is also the duty of the Registrar of Companies to make sure that the Limited Liability Partnership do comply with all the legal requirements that are mentioned under the Limited Liability Partnership Act, 2008.
Another function of the Registrar of Companies is to maintain a Register of Records. This contains the records of all the Companies that are registered with them. The common people have the option to access the said information after paying the prescribed fees. With the help of the Regional Directors, the Central Government holds the control over the administration of the Registrar of Companies. In today’s time, there are approximately seven Regional Directors who are administering the functions of the Registrar of Companies who fall within their respective regions.
Functions of the Registrar of Companies
Following are some of the functions which are carried out by the Registrar of Companies:
1. All the Companies are registered or incorporated by the Registrar of Companies.
2. The ROC looks after the regulation as well as the reporting of the Companies along with their shareholders as well as directors.
3. The ROC administers various government reporting related to different matters. This includes the annual filing of various documents.
4. The ROC makes sure that the business culture not only fosters but also facilitate the same.
5. The ROC gives the Companies their Incorporation certificate which acts as a proof of the existence of the Company. The Company which has been granted the Incorporation Certificate will continue to exist till their name exists in the Register of Records.
6. The ROC has the power to ask for any of the supplementary information from the Companies. Although he needs the prior approval of the Court in case he wants to carry out a search and seizure operation with respect to the books of accounts.
7. The ROC has the option to file a petition in order get a Company closed down.
Visit for more information