Ministry of Corporate Affairs
 Branch of Government of India | |
 Ministry of Corporate Affairs | |
| Agency overview | |
|---|---|
| Jurisdiction | Government of India |
| Headquarters | Shastri Bhawan, New Delhi, India |
| Agency executives |
|
| Website | www |
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.[1]
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 selected 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
[edit]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][1]
- The Cost and Works Accountants Act, 1959 [As Amended By The Cost And Works Accountants (Amendment) Act, 2006][2]
- 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 was passed to regulate corporations by increasing responsibilities of corporate executives and is intended to avoid the accounting scandals such as the Satyam scandal which have plagued India.[2] It replaces The Companies Act, 1956 which has proven outmoded in terms of handling 21st century problems.[3]
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.[4][5]
Training academies
[edit]National apex bodies
[edit]Statutory professional bodies
[edit]- Institute of Chartered Accountant of India
- Institute of Company Secretaries of India
- Institute of Cost and Management Accountants of India
- Institution of Valuers
- All India Management Association
Statutory bodies
[edit]- Competition Commission of India (CCI)
- Insolvency and Bankruptcy Board of India (IBBI)
- Investor Education and Protection Fund Authority (IEPFA)
- National Company Law Appellate Tribunal (NCLAT)
- National Company Law Tribunal (NCLT)
- National Financial Reporting Authority (NFRA)
- Registrar of Companies
- Serious Fraud Investigation Office
List of ministers for corporate affairs
[edit]| # | Name | Portrait | Term of office | Political party (Alliance) |
Prime Minister | |||
|---|---|---|---|---|---|---|---|---|
| 1 | R. K. Shanmukham Chetty | 
|
15 August 1947 | 1949 | Indian National Congress | Jawaharlal Nehru | ||
| 2 | John Mathai | 
|
1949 | 1950 | ||||
| 3 | C. D. Deshmukh | 29 May 1950 | 1957 | |||||
| 4 | T. T. Krishnamachari | 1957 | 13 February 1958 | |||||
| 5 | Jawaharlal Nehru | 
|
13 February 1958 | 13 March 1958 | ||||
| 6 | Morarji Desai | 
|
13 March 1958 | 29 August 1963 | ||||
| 7 | T. T. Krishnamachari | 29 August 1963 | 1965 | Jawaharlal Nehru | ||||
| 8 | Sachindra Chaudhuri | 1965 | 13 March 1967 | Lal Bahadur Shastri | ||||
| 9 | Indira Gandhi | 
|
1967 | 1971 | Indira Gandhi | |||
| 10 | Yashwantrao Chavan | 1971 | 1975 | |||||
| 11 | Chidambaram Subramaniam | 1975 | 1977 | |||||
| 12 | Haribhai M. Patel | 24 March 1977 | 24 January 1979 | Janata Party | Morarji Desai | |||
| 13 | Charan Singh | 24 January 1979 | 28 July 1979 | |||||
| 14 | Hemvati Nandan Bahuguna | 28 July 1979 | 14 January 1980 | Janata Party (Secular) | Charan Singh | |||
| 15 | R. Venkataraman | .jpg)
|
14 January 1980 | 15 January 1982 | Indian National Congress | Indira Gandhi | ||
| 16 | Pranab Mukherjee | .jpg)
|
15 January 1982 | 31 December 1984 | ||||
| 17 | V. P. Singh | .jpg)
|
31 December 1984 | 24 January 1987 | Rajiv Gandhi | |||
| 18 | Rajiv Gandhi | .jpg)
|
24 January 1987 | 25 July 1987 | ||||
| 19 | N. D. Tiwari | 25 July 1987 | 25 June 1988 | |||||
| 20 | Shankarrao Chavan | 25 June 1988 | 2 December 1989 | |||||
| 21 | Madhu Dandavate | 2 December 1989 | 10 November 1990 | Janata Dal (National Front) |
V. P. Singh | |||
| 22 | Yashwant Sinha | 
|
10 November 1990 | 21 June 1991 | Samajwadi Janata Party (National Front) |
Chandra Shekhar | ||
| 23 | Manmohan Singh | .jpg)
|
21 June 1991 | 16 May 1996 | Indian National Congress | P. V. Narasimha Rao | ||
| 24 | Jaswant Singh | .jpg)
|
16 May 1996 | 1 June 1996 | Bharatiya Janata Party | Atal Bihari Vajpayee | ||
| 25 | P. Chidambaram | .jpg)
|
1 June 1996 | 21 April 1997 | Tamil Maanila Congress (United Front) |
H. D. Deve Gowda | ||
| 26 | I.K. Gujral | 
|
21 April 1997 | 22 May 2004 | Janata Dal (United Front) |
I. K. Gujral | ||
| 27 | Prem Chand Gupta | 22 May 2004 | 30 November 2008 | Indian National Congress (United Progressive Alliance) |
Manmohan Singh | |||
| 28 | H. R. Bhardwaj | 
|
30 November 2008 | 24 January 2009 | ||||
| 29 | Veerappa Moily | 
|
26 June 2012 | 31 July 2012 | ||||
| 30 | Sachin Pilot | 
|
31 July 2012 | 26 May 2014 | ||||
| 31 | Arun Jaitley | 
|
26 May 2014 | 30 May 2019 | Bharatiya Janata Party (National Democratic Alliance) |
Narendra Modi | ||
| 33 | Nirmala Sitharaman | .jpg)
|
30 May 2019 | Incumbent | ||||
List of ministers of state
[edit]| Minister of state | Portrait | Political party | Term | Days | ||
|---|---|---|---|---|---|---|
| Bedabrata Barua | Indian National Congress | 1969 | 1970 | 1 year | ||
| Nirmala Sitharaman | 
|
Bharatiya Janata Party | 26 May 2014 | 9 November 2014 | 167 days | |
| Arjun Ram Meghwal | 
|
5 July 2016 | 3 September 2017 | 1 year, 60 days | ||
| P. P. Chaudhary | ,_organised_by_the_Competition_Commission_of_India,_in_New_Delhi.jpg)
|
3 September 2017 | 30 May 2019 | 1 year, 269 days | ||
| Anurag Thakur | 
|
30 May 2019 | 7 July 2021 | 5 years, 71 days | ||
| Rao Inderjit Singh | _for_Planning,_in_New_Delhi_on_May_27,_2014.jpg)
|
7 July 2021 | Incumbent | 3 years, 33 days | ||
See also
[edit]- Registrar of Companies, India
- List of company registers
- Indian Institute of Corporate Affairs
- Ministry of Cooperation (India)
- List of agencies of the government of India
References
[edit]- ^ "About MCA".
- ^ Jen Swanson (15 August 2013). "India Seeks to Overhaul a Corporate World Rife With Fraud" ("Dealbook" blog). The New York Times. Retrieved 16 August 2013.
- ^ "Parliament passes Companies Bill 2012(Update)". Yahoo! News India. ANI. 8 August 2013. Retrieved 16 August 2013.
- ^ "MCA draft - Ministry Of Corporate Affairs".
- ^ "Second Round of Consultations on the Revised Version of National Competition Policy Begins Tomorrow".