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Indian Corporate Law Service
The Indian Corporate Law Service (Hindi: भारतीय कॉरपोरेट विधि सेवा), abbreviated as ICLS, is one of the Central Civil Services (Group A) and it functions under the Ministry of Corporate Affairs, Government of India. The service is entrusted with the responsibility of the implementation of Companies Act,1956, Companies Act, 2013 and The Limited liability Partnership Act, 2008. History Created in the year 1967 as a service to administer the Companies Act, 1956 as the Company Law Service, it was renamed as Indian Company Law Service in the year 2002. The service functioned under Ministry of Finance (Department of Company Affairs) till 2004, after which an independent ministry by the name Ministry of Corporate Affairs was created to administer the Corporate Sector in India. The service was renamed as Indian Corporate Law Service in 2008 and was brought into the fold of Civil Services Examination. The first batch of Officers recruited t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act,1956
The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries. It was repealed and replaced by the Companies Act 2013. History The Act was administered by the Government of India through the Ministry of Corporate Affairs and the Offices of Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board, Director of Inspection, etc. The Registrar of Companies (ROC) handles incorporation of new companies and the administration of running companies. Since its commencement, it was amended many times, in which amendment of 1988, 1990, 1996, 2000 , 2011 & 2013 were notable. Types of companies There are 11 types of registrations for a company under the Companies Act 1956. * Private company * Public company * Companies limited by shares * Companies limited by guarantee * Unlimited company * Section 25 company * Governme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Registrar Of Companies, India
The Registrar of Companies (ROC) is an office under the Indian Ministry of Corporate Affairs that deals with administration of the Companies Act, 2013, The Limited Liability Partnership Act, 2008, The Company Secretaries Act, 1980 and The Chartered Accountants Act, 1949. These officers are from Indian Corporate Law Service cadre. 'ICLS' is an organised Group A service recruitment of which is done by UPSC through Civil Service Examination since 2009 along with other services like IRS, IAS & IPS etc. There are currently 25 Registrars of Companies (ROC) operating from offices in all major states of India. Some states, such as Maharashtra and Tamil Nadu, have two ROCs each. Also in some places unified ROC offices manned by senior Group A ICLS officers are located in capital cities like Jammu and Srinagar. Section 609 of the Companies Act, 1956 tasks the ROCs with the primary duty of registering companies and LLPs floated in the respective states and the union territories under their adm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Sheet
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year. A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity. The main categories of assets are usually listed first, and typically in order of liquidity. Assets are followed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jurisdiction
Jurisdiction (from Latin 'law' + 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, areas of jurisdiction apply to local, state, and federal levels. Jurisdiction draws its substance from international law, conflict of laws, constitutional law, and the powers of the executive and legislative branches of government to allocate resources to best serve the needs of society. International dimension Generally, international laws and treaties provide agreements which nations agree to be bound to. Such agreements are not always established or maintained. The exercise of extraterritorial jurisdiction by three principles outlined in the UN charter. These are equality of states, territorial sovereignty and non-intervention. This raises the question of when can many states prescribe or enforce jurisdiction. The ''Lotus'' case establishes two key rules to the prescription and enforcement of jurisdi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Company Law Appellate Tribunal
The National Company Law Appellate Tribunal (NCLAT) is a tribunal which was formed by the Central Government of India under Section 410 of the Companies Act, 2013. The NCLAT was formed as a body with an appellate jurisdiction at the same time when NCLT was established as a major reform as per powers granted to the Ministry of Corporate Affairs in India, The tribunal is responsible for hearing appeals from the orders of National Company Law Tribunal(s) (NCLT), starting on 1 June 2016. The tribunal also hears appeals from orders issued by the Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC. It also hears appeals from any direction issued, decision made, or order passed by the Competition Commission of India (CCI) and the National Financial Reporting Authority (NFRA). On 8 November 2021, Justice Ashok Bhushan has been appointed as the Chairperson of the Appellate Tribunal. History and objective National Company Law Appellate Tribunal was forme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Company Law Tribunal
The National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies. All proceedings under the Companies Act, including proceedings relating to arbitration, compromise, arrangements, reconstructions and the winding up of companies shall be disposed off by the National Company Law Tribunal. The NCLT bench is chaired by a Judicial member who is supposed to be a retired or a serving High Court Judge and a Technical member who must be from the Indian Corporate Law Service, ICLS Cadre. The National Company Law Tribunal is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Union Public Service Commission
The Union Public Service Commission (ISO: ), commonly abbreviated as UPSC, is India's premier central recruitment agency for recruitment of all the Group 'A' officers under Government of India. It is responsible for appointments to and examinations for all of the Group 'A' posts of all the central government establishments which also includes all of the central public sector undertakings and all of the central autonomous bodies. While Department of Personnel and Training is the central personnel agency in India. The agency's charter is granted by Part XIV of the Constitution of India, titled as ''Services Under the Union and the States.'' The commission is mandated by the Constitution for appointments to the services of the Union and All India Services. It is also required to be consulted by the Government in matters relating to the appointment, transfer, promotion and disciplinary matters. The commission reports directly to the President and can advise the Government thro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Services Examination
The Civil Services Examination (CSE) is a national competitive examination in India conducted by the Union Public Service Commission for recruitment to higher Civil Services of the Government of India, including the Indian Administrative Service, Indian Foreign Service, and Indian Police Service. In simple terms it is referred as UPSC examination, and is conducted in three phases: a preliminary examination consisting of two objective-type papers (General Studies Paper I and General Studies Paper II also popularly known as Civil Service Aptitude Test or CSAT), and a main examination consisting of nine papers of conventional (essay) type, in which two papers are qualifying and only marks of seven are counted followed by a personality test (interview). A successful candidate sits for 32 hours of examination during the complete process spanning around one year. Process The Civil Services Examination is based on the British era Imperial Civil Service tests, as well as the civil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Finance (India)
The Ministry of Finance (IAST: ''Vitta Maṃtrālaya'') is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget. The Ministry of Finance is the apex controlling authority of ''four'' central civil services namely Indian Revenue Service, Indian Audit and Accounts Service, Indian Economic Service and Indian Civil Accounts Service. It is also the apex controlling authority of one of the central commerce services namely Indian Cost and Management Accounts Service History R. K. Shanmukham Chetty was the first Finance Minister of independent India. He presented the first budget of independent India on 26 November 1947. Department of Economic Affairs The Department of Economic Affairs is the nodal agency of the Union Government to formulate and monitor country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act, 1956
The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries. It was repealed and replaced by the Companies Act 2013. History The Act was administered by the Government of India through the Ministry of Corporate Affairs and the Offices of Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board, Director of Inspection, etc. The Registrar of Companies (ROC) handles incorporation of new companies and the administration of running companies. Since its commencement, it was amended many times, in which amendment of 1988, 1990, 1996, 2000 , 2011 & 2013 were notable. Types of companies There are 11 types of registrations for a company under the Companies Act 1956. * Private company * Public company * Companies limited by shares * Companies limited by guarantee * Unlimited company * Section 25 company * Governm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Limited Liability Partnership Act, 2008
The Limited Liability Partnership Act, 2008 was enacted by the Parliament of India to introduce and legally sanction the concept of LLP in India. Unlike the general partnerships in India, LLP is a body corporate and legal entity separate from its partners, have Perpetual succession and any change in the partners of an LLP shall not affect the existence, rights or liabilities of the LLP. Section 4. Non-applicability of the Indian Partnership Act, 1932.—Save as otherwise provided, the provisions of the Indian Partnership Act, 1932 (9 of 1932) shall not apply to a limited liability partnership. Overview LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, as a hybrid of companies & partnerships providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership. LLP is a legal entity par ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
