Ministry of Corporate Affairs
The Ministry of Company Affairs (MCA) is an Indian government ministry. It is charged with administering the Companies Act 1956 and other acts related to Indian private sector. It is responsible mainly for regulation of Indian enterprises in Industrial and Services sector. The current minister of corporate affairs is Sachin Pilot.
The ministry administers the following acts:
- The Companies Act 1956 (basic law governing the creation, existence, and dissolution of companies, and the relationships between the shareholders, the company, the public, and the government.
- The Competition Act 2002
- The Monopolies and Restrictive Trade Practices Act 1969
- The Chartered Accountants Act 1949 [As amended by the Chartered Accountants (Amendment) Act, 2006]
- The Company Secretaries Act 1980 [As amended by The Company Secretaries (Amendment) Act, 2006]
- Cost and Works Accountants Act 1959 [As Amended By The Cost And Works Accountants (Amendment) Act, 2006]
- Companies (Donation to National) Fund Act 1951
- Partnership Act 1932
- Societies Registration Act 1860
- The Companies Amendment Act, 2006
In August 2013 The Companies Bill, 2012 neared passage. It will regulate fraud by corporations and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India. It replaces The Companies Act, 1956 which has proven outmoded in terms of handling 21st century problems.
Notes and references
- "The Companies Bill, 2012" (PDF file of text of the bill). Ministry of Corporate Affairs. 2012. Retrieved August 16, 2013.
- Jen Swanson (August 15, 2013). "India Seeks to Overhaul a Corporate World Rife With Fraud" ("Dealbook" blog). The New York Times. Retrieved August 16, 2013.
- "Parliament passes Companies Bill 2012(Update)". Yahoo! News India. ANI. 8 Aug, 2013. Retrieved 16 Aug, 2013.
|This article about government in India is a stub. You can help Wikipedia by expanding it.|