What is Ministry of Corporate Affairs?
The Ministry is primarily concerned with administration of the Companies Act, 1956, other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law. The Ministry is also responsible for administering the Competition Act, 2002 which will eventually replace the Monopolies and Restrictive Trade Practices Act, 1969 under which the Monopolies and Restrictive Trade Practices Commission(MRTPC) is functioning. Besides, it exercises supervision over the three professional bodies, namely, Institute of Chartered Accountants of India(ICAI), Institute of Company Secretaries of India(ICSI) and the Institute of Cost and Works Accountants of India (ICWAI) which are constituted under three separate Acts of the Parliament for proper and orderly growth of the professions concerned. The Ministry also has the responsibility of carrying out the functions of the Central Government relating to administration of Partnership Act, 1932, the Companies (Donations to National Funds) Act, 1951 and Societies Registration Act, 1980.
Latest News about MINISTRY OF CORPORATE AFFAIRS :-
Corporate Affairs Minister, Mr Veerappa Moily introduced the Companies Bill, 2011 on 14 Dec 2011 in Parliament. The refurbished bill, introduced after the withdrawal of the Companies bill, 2009, includes aspects such as protection to minority shareholders, ceiling on layers of subsidiaries a company can have, inclusion of at least one woman director on board, and rotation of auditors among others, reports said.