Goa is a state in western India with coastlines stretching along the Arabian Sea. Its long history as a Portuguese colony prior to 1961 is evident in its preserved 17th-century churches and the area’s tropical spice plantations. Goa is also known for its beaches, ranging from popular stretches at Baga and Palolem to those in laid-back fishing villages such as Agonda.
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Corporate laws in India:
In India, under the Companies Act 1956, which is the company law in India, all companies have to register them under the Company Law Act.
- There are various corporate laws in India of which some of the most important ones are listed down below:
i. The Companies Act, 1956: An act to amend and consolidate the laws relating to companies. It was introduced in 1956.
- ii. Companies Act, 1918: Ac act to take power to prohibit the alteration of articles of association which restricts foreign interests in certain companies but with the sanction of the Government.
- iii. Companies Act, 2006: This act was added for further amendments in the Companies Act,1956. It states that no company shall appoint any individual as a Director if that individual does not have Director Identification Number (DIN) under section 266B.
- iv. Competition Act of 2002: It promotes sustainable competition in market and prohibits any anti-competitive business tactics.
- v. Foreign Trade Act 1992: An act for the development and regulations of foreign trade by facilitating imports into, and augmenting exports from India.
- vi. The Securities and Exchange Board of India Act, 1992: An act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
Indian Corporate Law Service
(ICLS) is one of the Group ‘A’ services options available for candidates who have successfully cleared the UPSC Civil Service Examination. Entry to this service through the UPSC CSE commenced only in 2009. The chief responsibility of this Group “A” service is the implementation of Companies Act, 1956, Companies Act, 2013 and The Limited Liability Partnership (LLP Act), 2008. The article talks about the Indian Corporate Law Service (ICLS), functions, training, hierarchy and salary.
Indian Corporate Law Service (ICLS) – History
The ICLS was established in 1967 for the effective implementation and administration of the Companies Act. Originally, the service was named Company Law Service. In 2002, it was renamed as Indian Company Law Service. It was again renamed as Indian Corporate Law Service in 2008 when its recruitment was brought under the ambit of the UPSC CSE. Thus the first batch of officers recruited into the ICLS through the civil services exam was in 2009. Until 2004, the service functioned under the Ministry of Finance. Since then it has functioned under the Ministry of Corporate Affairs.
Indian Corporate Law Services (ICLS) – Roles & Responsibilities
- To administer the Companies Act, the LLP Act and a few other related acts.
- As Registrar of Companies (RoC), the officers register the companies and partnerships floated. It is their duty to ensure that all the companies are filing their annual returns and balance sheets, and all other documents. The RoC can also carry out an investigation and initiate prosecution against criminal and civil offences in this regard.
- As Official Liquidators (OLs), the officers are responsible for liquidating the companies as ordered by the courts. They are responsible for taking control of the companies’ assets, recover debts, sell the company assets via public auction, settle creditors’ claims, etc.
- As Regional Directors (RD), the officers are the heads of the Regional Directorates. The RD is the senior-most ICLS officer in a region, there being seven Regional Directorates in India. The RDs supervise the work of the RoCs and the OLs.
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