Question

Write short notes on the following :
Functions of Ministry of Corporate Affairs.

Answer 1

Functions of ministry of corporate affairs are as follows :-

1 - Administration of the notified provisions of the companies act 2013 and those provisions of the companies act 1956 that are still in force.

2 - Formulations of various rules and regulations under various acts administered by the ministry.

3 - Convergence of Indian accounting standards with international financial reporting standards.

4 - Management of the cadre of the Indian corporate law service.