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Corporate Affairs Minister
The Ministry of Corporate Affairs is an Indian government ministry primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 2016. It is responsible mainly for the regulation of Indian enterprises in the industrial and services sector. The ministry is mostly run by civil servants of the ICLS cadre. These officers are elected through the Civil Services Examination conducted by Union Public Service Commission. The highest post, Director General of Corporate Affairs (DGCoA), is fixed at Apex Scale for the ICLS. The current minister is Nirmala Sitaraman. Administration 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 s amended by the Chartered Accountants (A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of India
The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, consisting of 28 union states and eight union territories. Under the Constitution, there are three primary branches of government: the legislative, the executive and the judiciary, whose powers are vested in a bicameral Parliament, President, aided by the Council of Ministers, and the Supreme Court respectively. Through judicial evolution, the Parliament has lost its sovereignty as its amendments to the Constitution are subject to judicial intervention. Judicial appointments in India are unique in that the executive or legislature have negligible say. Etymology and history The Government of India Act 1833, passed by the British parliament, is the first such act of law with the epithet "Government of India". Basic structure The gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Satyam Scandal
The Satyam Computer Services scandal was India's largest corporate fraud until 2010. The founder and directors of India-based outsourcing company Satyam Computer Services, falsified the accounts, inflated the share price, and stole large sums from the company. Much of this was invested in property. The swindle was discovered in late 2008 when the Hyderabad property market collapsed, leaving a trail back to Satyam. The scandal was brought to light in 2009 when chairman Byrraju Ramalinga Raju confessed that the company's accounts had been falsified. History For many years Satyam accounts showed profits that had never existed, cash at the bank that did not exist, which inflated the share price. Raju and friends then sold shares. The accounts also showed $3m of "salary payments" to people who did not exist. These in fact went to board members. The falsified accounts were used to obtain cheap loans in the USA which were stolen by Raju and never entered into the accounts. M ... [...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] |
National Financial Reporting Authority
National Financial Reporting Authority (NFRA) is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards under the Companies Act 2013. It came into existence in October 2018. The chairperson since March 2022 is Ajay Bhushan Pandey.https://www.google.com//timesofindia.com/business/india-business/govt-appoints-ex-finance-secretary-ajay-bhushan-pandey-as-nfra-chief/amp_articleshow/90132847.cms History After the Satyam scandal took place in 2009, the Standing Committee on Finance proposed the concept of the National Financial Reporting Authority (NFRA) for the first time in its 21st report. Companies Act 2013, then gave the regulatory framework for its composition and constitution. The Union Cabinet approved the proposal for its establishment on 1 March 2018. It is hoped that the establishment of NFRA as an independent regulator for the auditing profession will improve the transparency and reliability of financial statements and inf ... [...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] |
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] |
All India Management Association
All India Management Association (AIMA) is the national apex body of the management profession in India. A not for profit, non-lobbying organisation, working closely with Industry, Government, Academia and students to further the cause of the management profession in India. It has a membership base of over 38000 members and close to 6000 corporate /institutional members, through its 67 Local Management Associations. It was established in 1957. Among its activities, AIMA conducts the Management Aptitude Test (MAT) used by over 600 business schools across India, is represented in national forums and organisations and awards annual awards. History AIMA was established in 1957 following the establishment of India's first industrialization policy in 1956. Management team AIMA is managed by a president, a senior vice president, a vice president, a treasurer and a director general. , the president is Shrinivas V Dempo. Activities AIMA conducts the Management Aptitude Test (MAT ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institution Of Valuers
The Institution of Valuers (IOV) is a national valuation body for licensing and regulation of the valuation professionals in India specialized in various disciplines and various kinds of assets. It is under the ownership of the Ministry of Corporate Affairs, Government of India. It was founded in 1968 by Shri P. C. Goel, also named as the Father of the Indian Valuer, and presently has a membership of over 30,000 valuers. The ''IOV'' serves recommendations on valuation procedures and related disputes to governmental as well as non governmental organizations, imparts training to valuation professionals, and develops standards in asset valuation. IOV is amongst the top five valuers association of the world on the basis of registered valuation professionals. The Institution of Valuers brings into its fold valuers of immovable property In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the proper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Cost Accountants Of India
The Institute of Cost and Management Accountants of India (ICMAI), which was also known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of Ministry of Corporate Affairs of the Government of India. It has been given a prime responsibility by the Ministry of Corporate Affairs to contribute to the cost and management accounting profession at the global level. The ICMAI is a Founder Member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). ICMAI is a member of the National Foundation of Corporate Governance (NFCG). History The Institute of Cost Accountants of India was first formed as a registered limited company on 14 June 1944 as per the provisions of the then Companies Act, 1913. Post Independence, the institute got statutory recognition when the Parliament of India enacted "The Cost a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Company Secretaries Of India
The Institute of Company Secretaries of India (ICSI) is a premier national professional body in India under the ownership of Ministry of Corporate Affairs, Government of India with the objective of promoting, regulating and developing the profession of company secretaries in India. It is headquartered in New Delhi, has four regional offices at New Delhi, Chennai, Kolkata and Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ..., and has 70 chapters around the country. A person is eligible to apply for membership by passing all three levels of examinations that is CSEET (earlier Foundation), Executive and Professional prescribed by ICSI and completing Short term and Long term practical training. The members of the ICSI are highly qualified Professionals playing key role in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Chartered Accountants Of India
The Institute of Chartered Accountants of India (ICAI) is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India. In India, accounting standards and auditing standards are recommended by the National Financial Reporting Authority (NFRA) to the Government of India which sets the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. The other reputed accounting research bodies in India are the Institute of Cost Accountants of India ( ICMAI) and University of Delhi, University of Calicut and University of Mumbai. Members of the Institute are known as ''ICAI Chartered Accountants'' or ''ICAI Accountants'' (either Fellow or Associate). However, the word cha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Service
The civil service is a collective term for a sector of government composed mainly of career civil servants hired on professional merit rather than appointed or elected, whose institutional tenure typically survives transitions of political leadership. A civil servant, also known as a public servant, is a person employed in the public sector by a government department or agency for public sector undertakings. Civil servants work for central and state governments, and answer to the government, not a political party. The extent of civil servants of a state as part of the "civil service" varies from country to country. In the United Kingdom (UK), for instance, only Crown (national government) employees are referred to as "civil servants" whereas employees of local authorities (counties, cities and similar administrations) are generally referred to as "local government civil service officers", who are considered public servants but not civil servants. Thus, in the UK, a civil servant is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
