Question

Ministry of Finance is primarily responsible for administration of Companies Act.

• A. True
• B. False

Answer 1

The correct option is B False

The statement is incorrect because the Companies Act is administered by the Ministry of Corporate Affairs of India, its an Indian Government Ministry, who has the responsibility of administering the rules and regulations framed under the Companies Act, Limited Liability Partnership Act, and other allied acts. It also exercises supervision over three professional bodies i.e Institute of Chartered Accountant of India, Institute of Company Secretaries of India, and the Institute of Cost Accountant of India, which are constituted under the separate Acts of the Parliament.

Thus the Correct Answer is B.