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Ministry Of Corporate Affairs
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 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 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 Acc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of India
The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union territories of India, 36 states and union territories. The government is led by the president of India (currently ) who largely exercises the executive powers, and selects the Prime Minister of India, prime minister of India and other ministers for aid and advice. Government has been formed by the The prime minister and their senior ministers belong to the Union Council of Ministers, its executive decision-making committee being the Cabinet (government), cabinet. The government, seated in New Delhi, has three primary branches: the legislature, the executive and the judiciary, whose powers are vested in bicameral Parliament of India, Union Council of Ministers (headed by prime minister), and the Supreme Court of India respectively, with a p ... [...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] |
National Financial Reporting Authority
National Financial Reporting Authority (NFRA) is the auditing and accounting supervision authority of India. The authority oversees the auditing profession and the Indian Accounting Standards under the Companies Act 2013. It was formed 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 reliabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Company Law Tribunal
The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal, established under the Companies Act 2013, 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 winding up of companies, are to be before the National Company Law Tribunal (NCLT). The NCLT bench is chaired by a Judicial member, who is to be a serving or retired 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, 2016. ... [...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 fo ... [...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) for admission into Management Colleges across India, is represented in national forums and organisations and 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 Nikhil Sawhney. 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, refers to parcels of land and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Cost Accountants Of India
The Institute of Cost Accountants of India (ICMAI), which was previously known as The Institute of Cost & Works Accountants of India (ICWAI) is a professional accountancy body in India. It is under the ownership of the Ministry of Corporate Affairs of the Government of India. It has as its prime responsibility (by the Ministry of Corporate Affairs) to contribute to the cost and management accounting profession at the global level. 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 Companies Act of 1913. Post Independence, the Institute got statutory recognition when the Parliament of India enacted "The Cost and Works Accountants Act, 1959" (Act No.23rd of 1959), a special act, on 28 May 1959 to accord statutory recognition to ICMAI (previously ICWAI) as an autonomous professional Institute. The CWA Amendment bill of 2011 was passed by both the Houses of Indian Parliament. Lok Sabh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Company Secretaries Of India
The Institute of Company Secretaries of India (ICSI) is a 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 ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ..., and has 73 chapters around the country. A person can apply for membership by passing all three levels of examinations: 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 a key role in ensuring compliance with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Chartered Accountants Of India
The Institute of Chartered Accountants of India, Abbreviation, abbreviated as 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. Members of the institute are known as ''ICAI Chartered Accountants'' or ''ICAI Accountants'' (either Fellow or Associate). However, the word chartered does not refer to or flow from any Royal Charter. ICAI Chartered Accountants are subject to a published Code of Ethics and professional standards, violation of which is subject to disciplinary action. Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013. The management of the institute is vested with its council with the president acting as its chief ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Institutes Of Management
The Indian Institutes of Management (IIMs) are Centrally Funded Business Schools for management offering undergraduate, postgraduate, doctoral and executive programmes along with some additional courses in the field of business administration. The establishment of IIMs was initiated by Jawaharlal Nehru, the first prime minister of India, based on the recommendation of the Planning Commission of India. IIMs were declared institutions of national importance by the Ministry of Human Resource Development (MHRD) after the passage of Indian Institutes of Management Act, 2017. By this act, IIMs were given more autonomy in handling their day-to-day operations. The act changed the IIM governing body from the IIM council to an IIM coordination forum. IIMs were granted much leeway to decide their courses, fees and other related matters. Top IIMs — such as IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Indore and IIM Lucknow — have featured in top 100 global b-schools by FT M ... [...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 service personnel hired rather than elected, whose institutional tenure typically survives transitions of political leadership. A civil service official, also known as a public servant or public employee, is a person employed in the public sector by a government department or agency for public sector undertakings. Civil servants work for central and local 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 The Crown, 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 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] |
