Ministry of Corporate Affairs
|Jurisdiction||Republic of India|
, New Delhi
The Ministry of Corporate Affairs is an Indian government ministry. It is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law. It is responsible mainly for regulation of Indian enterprises in Industrial and Services sector. The current minister of corporate affairs is Arun Jaitley (additional charge). The current Minister of State for Corporate Affairs is Mr. PP Choudhary.
The ministry administers the following acts:
- The Companies Act, 2013
- The Companies Act, 1956
- Insolvency And Bankruptcy Code, 2016
- 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
- The Indian Partnership Act, 1932
- Societies Registration Act 1860
- The Companies Amendment Act, 2006
- The Limited liability Partnership Act, 2008
In August 2013 The Companies Act, 2013 passed. 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.
The Ministry has constituted a Committee for framing of National Competition Policy (India) and related matters (formulate amendments in the Act) under the Chairmanship of Dhanendra Kumar, former Chairman of Competition Commission of India.
Notes and references
- 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.
- "MCA draft - Ministry Of Corporate Affairs".
- "Second Round of Consultations on the Revised Version of National Competition Policy Begins Tomorrow".
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