MINISTRY OF CORPORATE AFFAIRS

GOVERNMENT OF INDIA

ANNUAL REPORT
2022-23
ANNUAL REPORT
2022-2023

Government of India
Ministry of Corporate Affairs
 CONTENTS

CHAPTER-I
Overview 1-4

CHAPTER-II
Organisa onal Structure and Func ons 5-19

CHAPTER-III
The Companies Act, 2013 and its Administra on 20-31

CHAPTER-IV
The Limited Liability Partnership (LLP) Act, 2008 32-33

CHAPTER-V
The Compe on Act, 2002 and Related Ac vi es 34-44

CHAPTER-VI
The Insolvency and Bankruptcy Code, 2016 45-52

CHAPTER-VII
Towards Interac ve and Responsive Administra on 53-83

APPENDIX (I to VIII) i-xiii

 IMPORTANT ABBREVIATIONS
Sl. No. Term Full Form
1. BLRC Bankruptcy Law Reforms Commi ee
2. CAA Companies (Amendment) Act
3. CIN Corporate Iden fica on Number
4. CIRP Corporate Insolvency Resolu on Process
5. CPGRAMS Centralized Public Grievance Redress and Monitoring System
6. CPIO Central Public Informa on Officer
7. CRC Central Registra on Centre
8. CSC Central Scru ny Centre
9. CSR Corporate Social Responsibility
10. DGCoA Director General of Corporate Affairs
11. DIN Director Iden fica on Number
12. EPFO Employees’ Provident Fund Organisa on
13. ESIC Employees’ State Insurance Corpora on
14. FOIR Forum of Indian Regulators
15. FSDC Financial Stability and Development Council
16. FSU Financial Stability Unit
17. IAIR Interna onal Associa on of Insolvency Regulators
18. IBBI Insolvency and Bankruptcy Board of India
19. ICAI Ins tute of Chartered Accountants of India
20. ICoAI Ins tute of Cost Accountants of India
21. ICLS Indian Corporate Law Service
22. IEPFA Investor Educa on and Protec on Fund Authority
23. IICA Indian Ins tute of Corporate Affairs
24. IFRS Interna onal Financial Repor ng Standards
25. LLP Limited Liability Partnership
26. MOOC Massive Online Open Course
27. MoU Memorandum of Understanding
28. MRA Mutual Recogni on Agreement
29. NCLT Na onal Company Law Tribunal
30. NCLAT Na onal Company Law Appellate Tribunal
31. NeGP Na onal e-Governance Plan
32. NFCG Na onal Founda on for Corporate Governance
33. NFRA Na onal Financial Repor ng Authority
34. NGRBC Na onal Guidelines for Responsible Business Conduct
35. OLs Official Liquidators
36. OPC One Person Company
37. PAN Permanent Account Number
38. RD Regional Director
39. SFIO Serious Fraud Inves ga on Office
40. SPICe Simplified Proforma for Incorpora ng Company Electronically
Sl. No. Term Full Form
41. TAN Tax Deduc on and Collec on Account Number
42. UoI Union of India
43. UNCITRAL United Na ons Commission on Interna onal Trade Law
 CHAPTER-I
OVERVIEW
1.1.1 The mandate of the Ministry of Corporate
A ffa i rs ( M C A ) , i nte r a l i a , i n c l u d e s t h e
administra on of a wide range of statutes for the
regula on of the corporate sector, as given
below:
(i) The Companies Act, 2013/The Companies
Act, 1956.
(ii) The Limited Liability Partnership Act, 2008.
(iii) The Compe on Act, 2002.
(iv) The Insolvency and Bankruptcy Code,
2016.
(v) The Chartered Accountants Act, 1949.
(vi) The Cost and Works Accountants Act,
1959.
(vii) The Company Secretaries Act, 1980.
(viii) The Socie es Registra on Act, 1860 and
Indian Partnership Act, 1932 (in centrally
administered areas).
(ix) The Companies (Dona ons to Na onal
Funds) Act, 1951.
Func ons
1.1.2 The main responsibili es of the Ministry
are as follows:
(I) Administra on of the provisions of
Companies Act, 2013.
(ii) No fica on of remaining sec ons of
Companies Act, 2013.
(iii) Formula on of Rules and Regula ons
under various statutes administered by
the Ministry.
(iv) Convergence of Indian Accoun ng
Standards with Interna onal Financial
Repor ng Standards (IFRS).
(v) Implementa on of Compe on Act
through the Compe on Commission of
India (CCI).
(vi) Implementa on of e-Governance in MCA.
(vii) Building systems for early detec on of
1
irregulari es in corporate func oning.
(viii) Conduc ng Investor Educa on and
Awareness Programmes.
(ix) Inves ga on of serious frauds through the
Serious Fraud Inves ga on Office (SFIO).
(x) Management of the cadre of the Indian
Corporate Law Service (ICLS).
(xi) Administra ve support to a ached
organiza ons, namely, IICA, SFIO, CCI,
NCLT, NCLAT, and IBBI.
Provisions under the Companies Act,
2013 for the benefit of persons with
disabili es
1.2.1 Schedule VII read with Sec on 135 of the
Companies Act, 2013(CA-13) specifically allow
companies to include in their CSR policies
ac vi es for promo on of educa on, voca onal
skills among differently abled and training to
promote Paralympics sports.
Important Policy Developments under
the Companies Act 2013
(I) Changes in the rules under the CA-13
rela ng to issuance of securi es,
mergers/amalgama ons, issuance of
Director Iden fica on Number and
appointment of directors have been made
during May-June 2022 to seek certain
addi onal disclosures where the en es
involved are from the countries which
share land border with India. The new
addi onal disclosures mandate relate to
informa on, if applicable, about the
Government approval under the Foreign
Exchange Management (Non-debt
Instruments) Rules, 2019 or with regard to
necessary security clearance from MHA,
Govt. of India.
(ii) An amendment has been made in
Companies (Appointment and
Qualifica on of Directors) Rules, 2014 on
 10.06.2022 to provide that any individual
whose name has been removed from the
databank of independent directors may
apply for restora on of his name on
payment of fees of one thousand rupees
and the ins tute shall allow such
restora on for a period of one year subject
to condi ons specified in the amendment
rules.
(iii) The Companies (Removal of Names of
Companies from the Register of
Companies) Rules, 2016 have been
amended on 09.06.2022 to revise forms
STK-1 (No ce by Registrar for removal of
name of a company from the register of
companies) and STK-5/STK-5A (Public
No ce) for inser on of addi onal grounds
of striking off (i.e., non-compliance with
sec on 10A). The amendments in such
Rules have also been made for restric ng
the melines for re-submission i.e., 15
days and for the number of mes
(maximum 2 mes) of re-submission of
Form STK-2.
(iv) The Na onal Financial Repor ng Authority
Rules, 2018, were amended on 17.06.2022
for providing punishment in case of non-
compliance of such Rules. Such
punishment has been aligned with the
provisions of Sec on 469(3) of CA-13.
(v) The Companies (Removal of Names of
Companies from the Register of
Companies) Rules, 2016 have been
amended on 24.08.2022 through which
modifica ons have been made in 3 Forms
annexed to such Rules. The modifica ons
are aimed at taking ac on for removal of
names of companies in cases where the
companies are not carrying on any
business or opera on pursuant to physical
verifica on carried out by Registrar under
Sec on 12(9) of the CA-2013.
(vi) Pursuant to implementa on of the V3
version of MCA-21, amendment has been
made in the Companies (Appointment and
Qualifica on of Directors) Rules, 2014 vide
2
no fica on dated 29.08.2022 through
which modified e-Forms DIR-3-KYC and
D IR- 3- KYC ( WE B) rela n g to KYC
requirements of directors have been
no fied.
Company Law Commi ee, 2022
1.3.1 With a view to con nuing the efforts of the
MCA for facilita ng and promo ng greater ease
of doing business in India and effec ve
implementa on of the CA-13, the Limited
Liability Partnership Act, 2008 & Rules made
thereunder, the Company Law Commi ee (CLC)
[set up by MCA] met during December-2021 and
January-2022 and deliberated on various issues.
The Commi ee deliberated and suggested
various changes in the provisions of CA-13 and
the LLP Act, 2008. Accordingly, CLC submi ed its
Report (2022) to the Government on March 21,
2022 which was placed on the website of the
MCA during April 12, 2022 to May 15, 2022 for
public comments. The comments from the public
have been received and the same are being
examined in the Ministry.
Companies (Amendment) Act, 2020
1.4.1 The Companies (Amendment) Bill, 2020
was assented on September 28, 2020 as
Companies (Amendment) Act, 2020 (CAA-20). All
sec ons except Sec on 5 of CAA-20 have been
brought into force along with amendments in the
Rules, wherever required.
Databank of Independent Directors
1.5.1 Vide No fica on dated October 22, 2019,
the Central Government, has no fied the Indian
Ins tute of Corporate Affairs (IICA) at Manesar as
the ins tute to create and maintain the databank
containing names, addresses and qualifica ons
of persons who are eligible and willing to act as
independent directors (IDs), for the use of the
company making appointment of such directors
w.e.f. December 1, 2019. The Ministry has also
no fied, on October 22, 2019, a new set of Rules,
n a m e l y, t h e C o m p a n i e s ( C r e a o n a n d
Maintenance of Databank of Independent
Directors) Rules, 2019. The func ons and du es
of IICA with respect to crea on and maintenance
of databank have been prescribed in such rules.
Rule 5 of the said rules also provides that there
shall be a Panel of not more than ten members
nominated by the Central Government, for the
purpose of approving the outline of the courses
and study material prepared by the ins tute.
Rule 6 of the Companies (Appointment and
Qualifica on of Directors) Rules, 2014 rela ng to
compliances required by a person eligible and
willing to be appointed as ID was also amended
simultaneously.
1.5.2 The Companies (Crea on and Maintenance
of Databank of Independent Directors) Rules,
2019 have been amended vide No fica on dated
June 18, 2021 to provide that in case an individual
has delayed in applying to the Ins tute for
inclusion of his name in the data bank of IDs or in
case of delay in renewal thereof, the Ins tute
shall allow such inclusion or renewal, as the case
may be, a er charging a further fee of one
thousand rupees on account of such delay.
Through this amendment, requests made by a
large number of stakeholders to grant addi onal
me for delayed applica ons in view of COVID-19
pandemic have been addressed.
Other Measures Taken
1.6.1 The following policy developments were
undertaken under CA-13:
(i) The Producer Companies Rules, 2021 were
no fied on February 11, 2021;
(ii) Various rules prescribed under the CA-13
were amended during the period from
me to me.
All Rules and their amendments are available on
MCA website.
1.6.2 In order to facilitate Ease of Doing Business
in India, this Ministry has implemented several
reforms which are as under:
(i) Ini a ves for facilita ng Ease of Doing
Business and improving compliance
requirements implemented through
amendments made by the Companies
(Amendment) Act, 2019 (CAA-19) and
Companies (Amendment) Act, 2020 (CAA-
2020), which include:
3
a. Private Companies which list only their
Non-Conver ble Debentures not to be
treated as Listed companies;
b. Adequate Remunera on for Non-
execu ve Directors of companies with
inadequate or no profits allowed;
c. Lesser Penal es for Small Companies,
One Person Companies, Start-ups &
Producer Companies for defaults under
CA-13;
d. Reduc on of me limit up to which
rights issues are required to be kept
open;
e. Certain companies/bodies corporate
excluded from applicability of Sec on
89 and Chapter XXII to enable carve-out
to reduce compliance burden on
foreign and domes c companies
opera ng in IFSC-Gi City, Gujarat;
f. Timelines for crea on and modifica on
of charges have been reduced to ensure
that the interest of the stakeholders are
protected.
(ii) Various Rules prescribed under CA-13
amended from me to me to facilitate
Ease of Doing Business.
1.6.3 MCA has taken several steps to provide
Ease of Doing Business to law abiding corporates
and have simplified procedure for star ng a
business in the country which are as under:
(i). Se ng up Central Registra on Centre
(CRC) for Name Reserva on and
Incorpora on of Companies and Limited
Liability Partnership (LLP) within 1 day as
opposed to an average of at least 15-20
days earlier.
(ii). Zero fee is for incorpora on of all
companies with authorized capital up to
₹15 lakh or up to 20 members where no
share capital is applicable.
(iii). Deployed a new Web Form christened
SPICe+ which along with a linked form
called AGILE PRO-S provides eleven
business-related services through a single
integrated web form, which are- (i) Name
Reserva on, (ii) Incorpora on, (iii) PAN,
(iv) TAN, (v) DIN, (vi) EPFO Registra on, (vii)
ESIC Registra on, (viii) GST number, (ix)
Bank Account Number, (x) Profession Tax
Registra on (Maharashtra Mumbai,
Karnataka and West Bengal (Kolkata), (xi)
Delhi Shops and Establishment
4
Registra on, by three Central Government
Ministries i.e., MCA, Ministry of Labour
and Department of Revenue in the
Ministry of Finance, three State
Governments (Maharashtra, Karnataka
and West Bengal), Government of NCT of
Delhi and various banks.
 CHAPTER-II
ORGANISATIONAL STRUCTURE AND FUNCTIONS
Administra ve Structure
2.1.1 T h e M i n i s t r y h a s a t h r e e - e r
organisa onal structure with the headquarters
at New Delhi, seven offices of Regional Directors
(RDs) at Ahmedabad, Chennai, Hyderabad,
Kolkata, Mumbai, New Delhi, and Shillong;
twenty-five Registrars of Companies (RoCs), ten
Registrars of Companies-cum-Official
Liquidators, and twenty-two Official Liquidators
(OLs) and a Central Registra on Centre (CRC).
The CRC at Manesar (Gurugram) was set up on
January 26, 2016. A brief descrip on of the above
offices/establishments is given in the following
paragraphs.
Headquarters
2.2.1 The administra ve structure at the
headquarters includes Secretary, Addi onal
Secretary, Addi onal Secretary & Financial
Adviser, Director General of Corporate Affairs,
Senior Economic Advisor, Joint Secretaries, Cost
Adviser, Deputy Director General (Sta s cs), and
other officials having exper se in ma ers
rela ng to administra on, law, accoun ng,
economics and sta s cs. The senior
func onaries of the Ministry are listed in
Annexure–I.
Regional Directors
2.2.2 The RDs supervise the working of the
offices of the RoCs and OLs located in their
respec ve jurisdic ons. The main func on of RDs
is to advise and guide RoCs and OLs on technical
and administra ve ma ers, to report to the
Government on the ac vi es and opera ons of
the companies, and to func on as a link between
the Central Government and the State
Governments in their respec ve regions on
ma ers rela ng to administra on of the
Companies Act. The RDs have been delegated
powers to directly take up work and dispose of
5
certain businesses under the provisions of the
Companies Act.
Central Registra on Centre
2.2.3 The project to transform the processing of
company incorpora on, e-forms allowed
a p p l i ca o n s fo r n a m e re s e r va o n a n d
incorpora on of a company to be processed and
completed within D+1 days (D=Date of Payment
Confirma on) in line with global best prac ces.
The Ministry rolled out the first phase of CRC in
2016 for processing name reserva on of
applicants and second phase of CRC for
processing incorpora on of company applicants
in 2016. The Government Process Reengineering
(GPR) exercise is in pursuance of the Ministry's
objec ve of providing greater Ease of Doing
Business to all the stakeholders and has resulted
in faster processing of incorpora on related
applica ons, uniformity in applica on of rules,
and eradica on of discre on.
2.2.4 The me taken for processing company
incorpora on applica ons used to be 5 -15
working days in June, 2014. However, this was
reduced to less than 1 day on an average, through
SPICe+ where there were no deficiencies in the
forms filed by the stakeholder and 1-2 days were
taken for incorpora on of companies, where
deficiencies were observed.
Registrar of Companies
2.2.5 RoCs are appointed under Sec on 396 of
the Act. RoCs, other than Registrar CRC, con nue
to have jurisdic on over all the companies
including companies incorporated by the
Registrar, CRC, for all other provisions of the Act
and the rules made thereunder, which may be
relevant a er incorpora on. MCA exercises
administra ve control over these offices through
respec ve RDs.
Official Liquidators
2.2.6 The OLs have been appointed by the Central
Government (i) under Sec on 448(1) of the
Companies Act, 1956 (CA-56) for the
performance of du es as Liquidators of the
companies ordered to be wound up as per the
orders of the High Court; and (ii)under Sec on
359(1) of the Companies Act, 2013 for performing
the du es as Company Liquidators of the
companies ordered to be wound up as per orders
of Na onal Company Law Tribunal (NCLT) or of
prescribed companies for its Summar y
Liquida on as are ordered to be wound up by the
Central Government (powers delegated to the
RD). The role of OL begins when he is appointed
as Provisional Liquidator or the Liquidator/
Company Liquidator by the Court or Tribunal or
RD, as the case may be. The OL func ons duly
observing all the requirements imposed on him
under the CA-56/CA-13 and the Companies
(Court) Rules, 1959/ Companies (Winding up)
Rules, 2020, as applicable. The respec ve RDs
exercise administra ve control over OL offices.
2.2.7 With the enactment and commencement
of provisions of Insolvency Resolu on and
Liquida on of Corporate Persons under the Code
and consequent amendment of certain
provisions rela ng to winding up in the CA-13 and
no fica ons of Rules for transfer of pending
proceedings rela ng to winding up from the High
Courts to the NCLT, the OLs w.e.f. December 1,
2016 are no longer being entrusted with fresh
ma ers of winding up on the ground of inability
to pay debts. Such cases are dealt with for
Insolvency Resolu on under Sec ons 7, 9 or 10 of
the IBC, 2016 and in case of failure of the
insolvency resolu on process, liquida on
process is undertaken by insolvency professionals
appointed by the NCLT.
Organisa onal set-up at Headquarters
2.3.1 The Headquarters of MCA is organized into
various Divisions/ Sec ons/ Cells for
administering and regula ng various provisions
6
of the Companies Act and other Acts
administered by the Ministry. Details of the
administra ve structure on ma ers rela ng to
the Companies Act are described below. Ma ers
rela ng to working and administra on of
Companies Act are discussed in Chapter-III, while
the ma ers rela ng to the Limited Liability
Partnership Act and the Compe on Act are
dealt with in Chapters IV and V respec vely.
2.3.2 The provisions of the Companies Act are
dealt with by various Divisions/Sec ons/Cell of
the Ministry and various organisa ons under the
administra ve control of the Ministry. A brief
descrip on of the main ac vi es of these
Sec ons is given below:
2.3.3 Company Law – I Sec on deals with
legisla ve processes rela ng to the legal
framework governing companies, Limited
Liability Partnerships and no fica on of rules,
regula ons, and circulars thereunder.
2.3.4 Company Law – II Sec on deals with
examina on of inspec on reports, inves ga on
reports and technical scru ny reports received
from field offices. A er examina on of these
reports, prosecu ons are ordered. In addi on,
this sec on deals with the examina on of the
complaints rela ng to misuse and diversion of
funds, and mismanagement of companies, etc.
under the provisions of the Companies Act.
2.3.5 Company Law – III Sec on deals with (i)
Reduc on of Share Capital, (ii) Form and contents
of balance sheets and profit and loss accounts,
(iii) Amalgama on/Scheme of arrangement, etc.
of Government Companies, (iv) References
received from RDs/RoCs regarding approval of
names of companies and ma ers incidental
thereto (Sec on 8 of the CA-13), and (v)
Reference received from RDs/RoCs for grant of
license, revoking of such licenses, altera on of
Memorandum and Ar cles of Associa on, grant
of exemp on and ma ers rela ng to such
companies (Sec on 8 of the CA-13)
2.3.6 Company Law - IV (Legal) Sec on- The
major func ons of the Legal Sec on are:
(i) Ve ng of para-wise comments in which
Union of India is Party;
(ii) Engagement of Government Counsel on
the request received from various sec ons
of the Ministry;
(iii) Monitoring of all the court cases in which
Ministry is a party;
(iv) Examina on of applica ons/pe ons
made to the Central Government under
Sec on 399(4) of the CA-56; and
(v) Providing Legal advice to various Divisions
of the Ministry as well as to other
Ministries as and when sought.
2.3.7 Company Law – V (Policy) Sec on deals
with policy ma ers for considera on of Cabinet,
Cabinet Commi ees, and Commi ee of
Secretaries. It also deals with declara on of
ins tu ons as Public Financial Ins tu ons, issues
rela ng to Capital Market, SEBI, Foreign Direct
Investments, Money Laundering, Accoun ng
standards/Convergence with Interna onal
Financial Repor ng Standards (IFRS). It issues
clarifica on/simplifica on of various rules and
procedures prescribed under the provisions of
the CA-13, CA-56 and LLP Act, 2008. The Division
is also responsible for launching various schemes
to aid in the implementa on of corporate laws, e-
Governance forms, coordina ng the framing of
guidelines for ensuring uniformity of prac ces by
all field offices and change in the venue for
holding the Annual General Body Mee ngs of
Government Companies.
2.3.8 Company Law - VII Sec on deals with
applica ons under Sec on 196 of CA-13 read
with Schedule V to the CA-13 for appointment of
the Managing Director/ Whole- me Director/
Manager of the Company. It also examines
applica ons filed by public companies in form
NDH-4 which were either declared as Nidhi
Company under the CA-56 or incorporated as
Nidhi Company under the CA-13 for
upda on/declara on as Nidhi Company and
no fica on thereof.
7
2.3.9 Cost Audit Branch: Cost Audit Branch
performs the following func ons under Sec on
148 of the Companies Act, 2013:
(i) Framing policy for Cost Accoun ng
Records and Cost Audit;
(ii) Formula on and no fica on of rules in
rela on to (a) Maintenance of Cost
Accoun ng Records by certain class of
companies as may be prescribed; and (b)
Audit of Cost Records of certain class of
companies;
(iii) Ra onaliza on of Cost Records and Audit
Rules, wherever necessary;
(iv) Monitoring compliance under Sec on
148 and other related sec ons of the CA-
13 and Companies (Cost Records and
Audit) Rules, 2014;
(v) Ini a on of penal/prosecu on
proceedings through RoCs against the
defaul ng companies and Cost Auditors;
(vi) Review & examina on of Cost Audit
Report and seeking further informa on or
explana on from the Companies, as
required;
(vii) Conduc ng various studies based on Cost
Audit Data filed in MCA21 system by
specified companies;
(vii) Review of the Cost Audi ng Standards, as
submi ed by the Ins tute of Cost
Accountants of India (ICAI) and
recommending the same for approval by
the Central Government.
2.3.10 Official Liquidators and Insolvency
Sec on:
(i) Official Liquida on Sec on- deals with
review of the func oning of OLs carrying
out winding up of companies under the
provisions of Companies Act, 1956/2013;
all policy related ma ers pertaining to
OLs; handling of complaints of
stakeholders against OLs and its staff and
 for ma ers related to liquida on of
companies; etc.
(ii) Insolvency Sec on- deals with ma ers
rela ng to implementa on of the
Insolvency & Bankruptcy Code, 2016
(Code/IBC) including amendments as per
the emerging market requirements; work
rela ng to establishment and
a d m i n i st ra o n o f I n s o l ve n c y a n d
Bankruptcy Board of India (IBBI/Board);
monitoring of cases filed under the Code
and coordina on with Legal Cell for such
court cases; coordina on with various
stakeholders; coordina ng ac vi es
rela ng to awareness programmes about
IBC, 2016; handling of complaints/
grievances of stakeholders against
Resolu on Professionals and for ma ers
rela ng to various process under the
Code; etc.
2.3.11 Research & Analysis (R&A) Division is
responsible for:
(i) Managing research component of the
scheme “Funding Research and Studies,
Workshops and Conferences, etc.” under
“Corporate Data Management” (CDM);
management of the scheme “Funding for
Research Studies on Corporate
Governance” under Expert Commi ee
(CG-EC); and conduc ng internal research
in the Ministry on contemporary issues of
economic importance for policy-making;
(ii) Prepara on of Annual Report of the
Ministry of Corporate Affairs and
submi ng it to the Standing Commi ee
on Finance to enable it to consider the
Demand for Grants of the Ministry;
(iii) Prepara on of Annual Report on the
Working and Administra on of the CA-13
as prescribed under Sec on 461 of the CA-
2013 and laying it before each House of
Parliament;
8
(iv) Prepara on of Monthly Newsle er
incorpora ng therein Secretary's Desk
where a topic of governance is discussed
in detail and summary of monthly
achievements along with review of
Corporate Sector with respect to
company sta s cs, major events,
no fica ons, circulars, and a snapshot of
the Indian Economy;
(v) Serving as the interface between the
Ministry of Corporate Affairs and Financial
Stability & Development Council (FSDC)
Secretariat, Department of Economic
Affairs of MoF;
(vi) Providing inputs for G20 An -Corrup on
Working Group, comprising of recurrent
exercises, namely, (i) Accountability
Report, which is a fundamental tool for
monitoring the implementa on of
previous commitments at na onal level;
and (ii) ACWG An -Corrup on Ac on
Plan, which comprises of a
comprehensive and ambi ous an -
corrup on agenda;
(vii) Serving as a link between the Ministry of
Corporate Affairs and NITI Aayog; R&A
Division also represents the Ministry for
mee ngs on disinvestments at DIPAM;
(viii) Providing essen al inputs for prepara on
of India Yearbook (prepared by Ministry of
Informa on and Broadcas ng) as well as
the Economic Survey (prepared by
Ministry of Finance).
2.3.12 Sta s cs Division is responsible for:
(i) Sharing sta s cal informa on on the
corporate sector with central ministries
and organisa ons such as Central
Sta s cal Office (CSO), Reserve Bank of
India (RBI) and others, as per the
requirements;
(ii) Genera ng reports for different divisions
of the Ministry;
(iii) Examining and resolving issues rela ng to
improvements of corporate sta s cs
generated from the MCA21 portal;
(iv) Monitoring the Central Sector Scheme:
Corporate Data Management;
(v) Providing Analy cs/Responses/Insights
for the Parliament ques ons, RTI and
other queries related to Corporate and
CSR Data.
2.3.13 Corporate Social Responsibility (CSR) Cell
was cons tuted on 9th May, 2014 and is
entrusted with the responsibility of:
(i) Proposing amendments to CSR Rules and
Schedule VII of the CA-13;
(ii) Issuing clarifica ons to references from
stakeholders regarding CSR provisions
under Sec on 135 of the CA-13 Schedule
VII of the Companies Act, 2013 and
Companies (CSR Policy) Rules, 2014;
(iii) Coordina ng with Department of Public
Enterprises (DPE) and other
Administra ve Ministries for
implementa on of CSR by CPSUs;
(iv) Data analysis rela ng to CSR expenditure
of companies;
(v) Regula on of CSR compliance.
2.3.14 Investor Grievance Management Cell
(IGMC) earlier known as the Investor Protec on
Cell (IPC), is mandated to deal with investors'
grievances. Its func on is to take up the
grievances of the investors with the concerned
co m p a n i e s t h ro u g h t h e Ro C s fo r t h e i r
expedi ous redressal. It also coordinates with
various other organisa ons/departments like
Reserve Bank of India, Department of Economic
Affairs and Securi es and Exchange Board of
India (SEBI), etc. for redressal of investors'
complaints of these agencies. Broadly, the
9
complaints received in IGMC relate to the
following issues:
(i) Non-receipt of Annual Report
(ii) Non-receipt of dividend amount
(iii) Non-refund of applica on money
(iv) Non-payment of matured deposits and
interest thereon
(v) Non-receipt of duplicate share cer ficates
(vi) Non-registra on of transfer of shares
(vii) Non-issue of share cer ficates
(viii) Non-receipt of debenture cer ficates
(ix) Non-issue of rights/bonus shares
(x) Non-issue of interest on late payment
(xi) Non-redemp on of debentures and
interest thereon
(xii) Non-receipt of share cer ficates on
conversion.
2.3.15 The investors/depositors can lodge their
complaints with concerned RoCs on-line,
through MCA21 portal, using the website of the
Ministry (www.mca.gov.in). The system
acknowledges the receipt of complaint online by
genera ng a complaint number which can be
used for follow up of the complaint in future. In
order to ac vely associate with the field offices
for redressal of investors' grievances, a nodal
team headed by a designated officer has been
setup in all the offices of the RDs and RoCs as well
as at the Headquarter of the Ministry. The
investors can directly take up their grievances
with the concerned Nodal Officers at the RoC/RD
level. If any investor has any grievance which has
not been redressed even a er a lapse of
reasonable me, the same can be brought to the
no ce of Nodal Officers appointed by the
Ministry. The list of Nodal Officers is available on
the Ministry's website under “Investor Services”
head. A Standard Opera ng Procedure has been
formulated by IGM Cell for adop ng uniform
procedure for handling and disposing off
Investor's grievances.
2.3.16 A d m i n i s t r a o n - I d e a l s w i t h
Establishment ma ers rela ng to - all Group A
officers at the Headquarters filled under Central
Staffing Scheme; all Group A officers of the en-
cadred posts of Indian Economic Service (IES),
Indian Sta s cal Service (ISS), Indian Cost
Accounts Service (ICAS) and Central Secretariat
Official Language (CSOL); Officers of the Central
Secretariat Service (CSS); Officers of the Central
Secretariat Stenographer Service (CSSS); Officers
of the Central Secretariat Clerical Service (CSCS);
General Central Service Group 'B' and 'C' posts at
Headquarters; Hindi en-cadred posts in Central
Secretariat Official Language Service. It also deals
with crea on of posts and establishment ma ers
rela ng to the Office of the MCA Office of the
Minister of State for Corporate Affairs and
crea on/con nua on of posts in Headquarters
other than Indian Corporate Law Service (ICLS)
posts along with other administra ve work.
2.3.17 A d m i n i st ra o n - I I d e a l s w i t h a l l
establishment ma ers rela ng to officers of ICLS
(Gr. 'A') and other subordinate grades of ICLS,
training and capacity building of ICLS officers & its
fe e d e r ca d re , f ra m i n g / a m e n d m e nt o f
Recruitment/ Service Rules of ICLS and its feeder
cadre, recruitment of Gr. 'A' & 'B' officers in ICLS
and its subordinate grades, undertakes review of
officers of ICLS & its subordinate grades for
ensuring probity measures among government
employees under FR 56(j) & iden fica on of
sensi ve posts.
2.3.18 Administra on-III deals with all policy
issues related to SFIO and; establishment,
personnel and financial ma ers rela ng to SFIO
which require approval of Central Government.
2.3.19 A d m i n i s t r a o n - I V d e a l s w i t h
establishment, personnel and financial ma ers
rela ng to NCLT and Na onal Company Law
Appellate Tribunal (NCLAT) which requires
approval of Central Government.
10
2.3.20 Interna onal Coopera on Sec on plays a
key role in coordina ng and organizing
interac ons with counterpart organiza ons of
other countries, Interna onal Organiza ons such
as Corporate Registers Forum (CRF), Global
Repor ng Ini a ve (GRI), Interna onal
Associa on of Insolvency Regulators (IAIR),
Organiza on for Economic Co-opera on and
Development (OECD), approval of Interna onal
MoUs, etc.
2.3.21 Compe on Sec on deals with ma ers
rela ng to the enforcement of Compe on Act;
the forma on of Compe on Policy; all
establishment, personnel and financial ma ers
of CCI and Office of Director General (DG), CCI
requiring approval of Central Government;
appointment of Chairperson and Members in CCI
as well as Director General and other officials in
the Office of DG, CCI and the condi on of service
thereof.
2.3.22 Gender Budget Cell (GBC) has been
facilita ng the integra on of gender analysis into
the Government budge ng. GBC of MCA has
ini ated steps to build up informa on/database
system on the gender representa on in MCA,
including field offices, a ached offices and
professional ins tutes. GBC in MCA aims to help
accelerate the growing awareness of the gender
sensi vi es of budgetary alloca on while
apprecia ng how corporate sector-oriented
policies impact issues of equity and
empowerment of women.
2.3.23 Infrastructure Sec on is looking a er the
(i) purchase of land and buildings for the Ministry
and its field offices, (ii) capital works for
construc on/ renova on/ maintenance of all
buildings (old and new) for the Ministry and its
field offices; and (iii) finaliza on of agreements
for hiring of buildings on rent at the Headquarters
and field loca ons.
2.3.24 V i g i l a n c e W i n g o b t a i n s f a c t u a l
informa on with regard to complaints received
against the employees, conduct preliminary
enquiry against the employees alleged for
involvement in corrup on/ misconduct. It also
makes efforts to streamline the exis ng
procedures so as to minimize the scope of
corrup on and to ensure probity among
government servants. Towards this end, in
accordance with the Central Vigilance
Commission's guidelines, rotates the
incumbents of the 95 posts of the Ministry which
were iden fied to be sensi ve ones, every 2/3
years.
2.3.25 Official Language Sec on undertakes the
implementa on of the Official Language Act and
Rules made there-under; transla on of
documents issued under Sec on 3(3) of Official
Language Act from English to Hindi and vice
versa, and also work rela ng to the
Parliamentary Commi ee on the Official
Language. It is responsible for the conduct of the
mee ngs of Official Language Implementa on
Commi ee, and for implementa on of decisions
taken by Hindi Advisory Commi ee. It
administers the Hindi Teaching Scheme, as well
as the conduct of Hindi Workshops. It also offers
sugges ons for the progressive use of Hindi in
the Ministry.
2.3.26 RTI Monitoring Cell func ons as a conduit
between the applicant/ appellant and the
CPIO/Appellate Authority apart from being a
repository of all RTI related informa on. The Cell
is also responsible for implemen ng various
sec ons of the RTI Act, where an obliga on has
been cast on the Public Authority. The Cell also
monitors the progress of all RTI applica ons and
appeals to ensure its disposal within the
prescribed me limits.
A ached / Subordinate Office /
Organisa on
Na onal Company Law Tribunal
2.4.1 MCA has cons tuted NCLT under Sec on
408 of the CA-13(18 of 2013) w.e.f. June 1, 2016
and by virtue of Sec on 466(1) of the CA-13 the
erstwhile Company Law Board cons tuted under
11
the provisions of the CA-56 stood dissolved, with
effect from that date.
Na onal Company Law Appellate
Tribunal
2.5.1 MCA has cons tuted the NCLAT under
Sec on 410 of the CA-13 vide No fica on No.
1933 (E) dated June 1, 2016 for hearing the
appeals against the orders of the Na onal
Company Law Tribunal. Earlier, the Compe on
Appellate Tribunal (COMPAT) was established on
October 14, 2003 under the Compe on Act,
2002, with powers to entertain appeals against
direc ons or decisions of CCI, and to adjudicate
on claims for compensa on that may arise from
the findings of the Commission. COMPAT has
ceased to exist effec ve May 26, 2017. The
appellate func on under the Compe on Act,
2002 is now conferred to the NCLAT.
2.5.2 NCLAT is also the appellate authority
against the orders of the NCLTs and IBBI under the
IBC, 2016 w.e.f. December 1, 2016 and the
appellate authority against the orders of the
NFRA under the Companies Act, 2013 w.e.f. May
7, 2018.
Compe on Commission of India
2.6.1 CCI was established in March, 2009 under
the Compe on Act, 2002 for the
administra on, implementa on and
enforcement of the Act. The objec ves of the CCI
are:
(i) To prevent prac ces having adverse effect
on compe on;
(ii) To promote and sustain compe on in
markets;
(iii) To protect the interests of consumers; and
(iv) To ensure freedom of trade.
2.6.2 CCI has powers to regulate mergers or
combina ons, and to reverse mergers or
combina ons, if it is of the opinion that such
mergers or combina ons have, or is likely, to have
an 'appreciable adverse effect' on compe on in
India.
Serious Fraud Inves ga on Office
2.7.1 As per the Companies Act, 2013, SFIO has
been established through the Government of
India vide No fica on No. S.O.2005 (E) dated
21.07.2015. Earlier the SFIO was set up by
Government of India vide Resolu on No.
45011/16/2003-Admn.I dated 02.07.2003. It is a
mul -disciplinary organiza on under the
Ministry of Corporate Affairs, of experts in the
field of accountancy, forensic audi ng, law,
informa on technology, inves ga on, company
law, capital market, banking and taxa on, etc. for
detec ng and prosecu ng or recommending for
prosecu on white collar crimes/frauds.
2.7.2 SFIO is headed by a Director as Head of
Department in the rank of Joint Secretary to the
Government of India. The Director is assisted by
Addi onal Directors, Joint Directors, Deputy
Directors, Senior Assistant Directors, Assistant
Directors, Prosecutors, and other secretarial
staff. The Headquarter of SFIO is at New Delhi,
with five Regional Offices at Mumbai, New Delhi,
Chennai, Hyderabad, and Kolkata.
2.7.3 Inves ga on into the affairs of a company
is assigned to SFIO, where Government is of the
opinion that it is necessary to inves gate into the
affairs of a company:
(i) On receipt of a report of the Registrar or
inspector under Sec on 208 of the
Companies Act, 2013;
(ii) On in ma on of a special resolu on
passed by a company that its affairs are
required to be inves gated;
(iii) In the public interest; or
(iv) On request from any department of the
Central Government or a State
Government.
2.7.4 A List of no fied designated Special Court
for various States/UTs is at Annexure-II.
12
Indian Ins tute of Corporate Affairs
2.8.1 IICA was set up by MCA as a Society on
September 12, 2008 under the Socie es
Registra on Act, 1860. An autonomous ins tute,
IICA works under the aegis of MCA to deliver
opportuni es for research, educa on, and
advocacy. It is also a think tank that curates a
re p o s i to r y o f d a ta a n d k n o w l e d g e fo r
policymakers, regulators as well as other
stakeholders working in the domain of corporate
affairs.
2.8.2 Key ac vi es carried out by IICA include
induc on and in-service training to ICLS officers,
capacity-building and training programs, policy
advisory func ons, public outreach, and
stakeholder consulta ons through seminars,
conferences, and forums.
2.8.3 IICA also supports MCA ini a ves on all
ma ers rela ng to Corporate Affairs. An cipa on
of corporate needs for effec ve func oning,
re v i e w i n g co r p o rate l a ws fo r effe c ve
amendments to cater to evolving business
environments, exploring new paradigms such as
investor educa on, and periodic reviews and
upda on of defini ons, components and
ac vi es related to corporate governance are
other prominent ini a ves of the ins tute.
2.8.4 IICA deals with the en re ecosystem of
corporate affairs with a focus on niche areas, such
as Independent Directors, Corporate Social
Responsibility, Business and Human Rights,
Valua on and Financial Repor ng, Insolvency
and Bankruptcy, and Advocacy for investor
protec on, insolvency, compe on, and CSR.
2.8.5 The structure of the IICA consists of
Schools and Centers. The rou ne work is done by
the following five Schools:
(i) School of Compe on Law and Market
Regula on
(ii) School of Corporate Law
(iii) School of Corporate Governance and
Public Policy
(iv) School of Business Environment
(v) School of Finance
The above schools focus on niche ac vi es
through the following seven centres:
(i) Centre for Insolvency & Bankruptcy
(ii) Centre for Independent Directors
(iii) Centre for Business & Human Rights
(iv) Centre for E2E in CSR
(v) Centre for Micro, Small & Medium
Enterprises
(vi) Centre for Ins tu onal Partnerships &
Corporate Communica on
(vii) C e n t r e fo r I n v e s t o r E d u c a o n &
Protec on
2.8.6 The Ins tute is providing support to the
Ministry in review/revision of exis ng corporate
laws, rules, and regula ons, as per requirements
of a dynamic economic environment. The
Ins tute is promo ng and encouraging
innova on and entrepreneurship, par cularly in
small and medium enterprise. IICA is helping to
develop and maintain a Knowledge Management
System, covering all aspects, issues, and
experiences rela ng to Indian and global
corporate func ons/affairs, linked to internal and
external informa on with speed and in formats
designed for ease of access, naviga on, and
u liza on.
Investor Educa on and Protec on Fund
Authority
2.9.1 Investor Educa on and Protec on Fund
(IEPF) was set up under Sec on 125 of the CA-13
13
with the objec ve of promo ng investor
educa on, awareness, protec on and to make
refund of claim to the investors. The fund is
maintained under the Consolidated Fund of
India. As per Sec on 124(6) of the Act, all shares
in respect of which dividend has not been paid or
claimed for seven consecu ve years or more shall
be transferred by the company in the name of
Investor Educa on and Protec on Fund.
2.9.2 For administra on of the Fund, in
accordance with the provision of Sec on 125(5)
of the Act, the Government of India has
established the Investor Educa on and
Protec on Fund Authority (IEPFA). As per the
Investor Educa on and Protec on Fund
Authority (Appointment of Chairperson and
Members, holding mee ngs and provision for
offices and officers) Rules, 2016, the IEPFA will
have a chairperson, six members and a Chief
Execu ve Officer. The Secretary, MCA is ex-officio
Chairperson of the Authority. The IEPFA has been
entrusted with the responsibility to make
refunds of unclaimed dividends, matured
deposits matured debentures and shares
transferred to it and to promote investor
educa on, awareness, and protec on.
2.9.3 For filing refund claims with the Authority,
the investors make an online applica on on the
website of the Authority (www. iepf.gov.in)
through e-form IEPF-5. In accordance with the
IEPF (Accoun ng, Audit, Transfer and Refund)
Rule, 2016 (as amended on August 14, 2019), a
new online refund process has been
implemented and shares transferred by the
companies during the years 2018-19 to 2022-23
are given in Table 2.1 below:
 Table 2.1
No. of claim applica ons, claims se led, rejected, and pending in the
Authority during the period 2018-19 to 2022-23

S. Par culars 2018-19 2019-20 2020-21 2021-22 2022-23

No. (upto
31.10.2022)
1. No. of applica ons 19,188 16,182 14,032 28,647 19,360
(e-form IEPF 5) filed
on MCA21 system
2. No. of applica ons 8,255 15,675 10,702 23,083 16,673
for which verifica on
report received in
the Authority
3. No. of applica ons 1,037 7,689 14,219 25,021 14,505
se led
Approved 712 6,989 7,262 10,472 4,379
Rejected 325 700 6,957 14,549 10,126
4. No. of shares 5,00,771 58,36,768 37,72,666 61,21,291 50,92,745
refunded
5. Amount refunded 1,77,66,816 6,68,55,675 7,05,64,324 10,52,90,907 3,83,05,675
(in ₹)
6. Shares transferred 17,57,60,506 15,08,83,796 12,97,92,080 14,20,67,585 4,39,01,638
to IEPF

Insolvency and Bankruptcy Board of
India
2.10.1 IBBI, established on October 1, 2016 in
accordance with the Insolvency and Bankruptcy
Code, 2016 (the Code), is a body corporate
having perpetual succession. It is a key pillar of
the ecosystem responsible for implementa on of
the Code. It is a unique regulator; regulates
service providers as well as transac ons. Sec on
196 of the Code enumerates the func ons of the
Board which can be broadly grouped into three
sets, namely,
(i) Quasi-legisla ve func ons: the Board
makes regula ons to regulate service
providers and processes;
(ii) Execu ve func ons: the Board registers
and monitors service providers for
insolvency process and takes measures
for professional development through
educa ons, examina on, training, and
CPE; and
(iii) Quasi-judicial func ons: the Board
adjudicates upon contraven ons by
service providers to ensure their orderly
func oning.
As on September 30, 2022, 3 Insolvency
Professional Agencies(IPAs), 4,175 Insolvency
Professionals(IPs), 96 Insolvency Professional
En e s ( I P E s ) , 1 6 R e g i s t e r e d Va l u e r
O rga n i za o n s ( RVO s ) , 4 , 9 7 3 Re g i ste re d

14
Valuers(RVs), and 1 Informa on U lity (IU)
(Na onal e-Governance Services Limited) has
been registered with IBBI.
Professional Ins tutes
2.11.1 The Ministry administers laws regula ng
the Professions of Accountancy (The Chartered
Accountants Act, 1949); Costs Accountancy (The
Cost and Works Accountants Act, 1959); and
Company Secretaries (The Company Secretaries
Act, 1980), through three Professional Ins tutes,
namely, Ins tute of Chartered Accountants of
India, Ins tute of Cost Accountants of India and
Ins tute of Company Secretaries of India set up
under these Acts of Parliament.
Ins tute of Chartered Accountants of
India
2.11.2 ICAI is a statutory body established by an
Act of Parliament, viz. the Chartered Accountants
Act, 1949 for regula ng the profession of
Chartered Accountancy in the country. The
Ins tute, func ons under the jurisdic on of the
MCA, Government of India. The ICAI is the second
largest professional body of Accountancy
Profession in the world. Since 1949, this
profession of Chartered Accountancy has grown
leaps and bounds in terms of members as well as
student base. The Ins tute has over 3.52 lakh
Members and more than 7.60 lakh students. The
affairs of the ICAI are managed by the Council in
accordance with the provisions of the Chartered
Accountants Act, 1949 and the Chartered
Accountants Regula ons, 1988 and Rules framed
thereunder. The Council cons tutes of 40
members of whom 32 are elected by the
Chartered Accountants and remaining 8 are
15
nominated by the Central Government. ICAI is
headquartered at Delhi with 5 Regional Councils
along with 166 Branches across India and 44
Overseas Chapters, 33 Representa ve Offices & 2
Overseas Offices having its presence in 77 Global
Ci es in 47 Countries.
The ICAI was the proud host of the 21st World
Congress of Accountants, popularly known as
Olympics of Accountancy Profession, organised
at Mumbai from November 18-21, 2022 on the
Theme- Building Trust Enabling Sustainability.
The WCOA was held for the first me in India and
en re South East Asia since its incep on in 1904.
The World Congress was conducted in hybrid
mode for the first me and was a carbon neutral
conference. The World Congress was a ended
by more than 6500 delegates in person and about
3500 delegates through virtual mode from more
than 120 countries.
The Ins tute of Cost Accountants of India
2.11.3 The Ins tute of Cost Accountants of India
(ICoAI) is a statutory body established by an Act
of Parliament, viz. the Cost and Works
Accountants Act, 1959 for regula on of the
profession of Cost and Management
Accountants. The Ins tute func ons under the
jurisdic on of the MCA, Government India. The
Ins tute is the second largest professional body
of Cost and Management Accountants in the
world. The Ins tute provides top quality
educa on to the students of Cost and
Management Accountancy (CMA) Course and
best quality set standards to CMA Members. The
Ins tute has its headquarters at Kolkata, 4
Regional Offices, 114 Chapters across India and
11 Overseas Centres.
 Tree Planta on Drive organized by ICoAI under AKAM events on June 9, 2022.

The Ins tute of Company Secretaries of India affairs in accordance with the provisions of the
Company Secretaries Act, 1980 and the Company
2.11.4 ICSI is the only recognized professional
Secretaries Regula ons, 1982 (as amended from
body in India to regulate and develop the
me to me). The Council consists of fi een
profession of Company Secretaries. It is a
elected Members, including the President & the
premier na onal professional body set up under
Vice-President and five persons nominated by
an act of Parliament, ‘The Company Secretaries
the Central Government. ICSI has its
Act, 1980’ and func ons under the jurisdic on of
Headquarters at New Delhi; 04 Regional Councils
MCA, Government of India. ICSI provides top-
at Chennai, Kolkata, New Delhi and Mumbai;
quality educa on to the students of Company
Centre for Corporate Governance, Research and
Secretaryship (CS) Course and quality standards
Training (ICSI - CCGRT) at Navi Mumbai; Centre of
to CS Members. At present, ICSI has more than
Excellence (CoE) at Hyderabad, 72 Chapters
seventy thousand Members and around two lakh
across India and 06 Overseas Centres.
students. The Council of the ICSI manages its

Hon’ble Minister of State for Finance Dr. Bhagwat Kishanrao Karad graces
the 54th Founda on Day of the ICSI on October 4, 2022.

16
Na onal Financial Repor ng Authority
2.12.1 T h e N a o n a l F i n a n c i a l Re p o r n g
Authority (NFRA) is a statutory body cons tuted
under Sec on 132 of CA-13. It was cons tuted on
October 1, 2018 to protect the public interest
and the interests of investors, creditors and
others associated with the companies or bodies
corporate by establishing high quality standards
of accoun ng and audi ng and exercising
effec ve oversight of accoun ng func ons
performed by the companies and bodies
corporate and audi ng func ons performed by
auditors.
2.12.2 The details of salient ac vi es undertaken
by MCA/NFRA during the period November 1,
2021 to October 31, 2022 are as follows:
(i) An Authority mee ng was held on January
19, 2022 to discuss the ICAI proposals on
amendments to Ind AS 37 and Ind AS 16.
A er delibera ons, the amendment
proposals were approved and
recommended to MCA for no fica on.
(ii) In the Authority mee ng held on May 30,
2022, the ICAI proposals on amendments
to Ind AS 1, Ind AS 8 & Ind AS 12 and
Editorial changes to Ind AS 101, 102, 103,
109 & 115 were discussed and
recommended to MCA for no fica on.
(iii) Audit Quality Review (AQR) Report in
respect of Statutory Audit done by SRBC &
Co LLP, of Infrastructure Leasing &
Financial Services Limited (IL&FS) for the
Financial Year 2017-18 was published.
The said AQR report is available on the
NFRA website (nfra.gov.in) under the Tab
“No fica on”.
(iv) NFRA issued Financial Repor ng Quality
Review (FRQR) report in respect of ISGEC
Heavy Engineering Limited for the FY
2019-20 and Prabhu Steel Industries Ltd
for the FY 2019-20. The said reports are
available on the NFRA website
(nfra.gov.in) under the Tab “No fica on”.
17
(v) NFRA’s role and responsibility is to protect
the public interest and the interest of
investors, creditors and others associated
with financial Statements of the certain
prescribed class of companies called
‘Public Interest En ty (PIE)’. In order to
discharge the above responsibili es, one
of the important pre-requisites is to
compile and establish a comprehensive
master database of the PIEs & their
auditors within the purview of NFRA.
a) During the year, NFRA con nued its
efforts to develop a master database of
Companies/Auditors as of each financial
year by obtaining/reconciling data from
various sources such as CDM/MCA21,
Stock Exchanges and Other regulators
like RBI, IRDAI etc. During the year NFRA
has completed the same for another two
years ending viz. March 31, 2020 and
March 31, 2021.
b) Also, NFRA con nued with its task of
monitoring of submission of an annual
Return (NFRA-2) by the auditors of
companies within NFRA domain.
During October 2022, it reviewed the
posi on for the NFRA 2 returns for
Repor ng Period 2019-20 and
published list of non-filers on its
website.
(vi) During the period of the Annual Report,
the first batch of directly recruited officers
were appointed in NFRA. During July- Aug
2022, a comprehensive Induc on Training
programme was conducted in–house. The
induc on Training Schedule comprised
five modules and the sessions were taken
by eminent professionals. Topics covered
related to the Evolu on of Interna onal
Accoun ng & Audi ng Standards, Audit &
Assurance Framework and Sustainability
Repor ng Standards.
(vii) During January and July 2022, a
comprehensive 5 day training programme
 was conducted for the officers of 10th and
11th Batch of the Indian Corporate Law
Service (ICLS) of the Government of India.
The overall objec ve of the training
programme was to provide holis c
exposure to the newly joined ICLS officers
regarding the role, responsibili es and
func oning of the NFRA.
(viii) To commemorate 75 years of India’s
Independence with the community
mobiliza on ini a ve, Na onal Financial
Repor ng Authority (NFRA) under Azadi
Ka Amrit Mahotsav (AKAM) organised a
s e r i e s o f e ve nt s to p ro m o te t h e
understanding and awareness of Audi ng
and Accoun ng Standards among the
stakeholders and ci zens of the country in
general. As a part of AKAM, NFRA had
organized an Iconic event at India Habitat
Centre (IHC), New Delhi on 11.06.2022.
The event was inaugurated by Hon’ble
MoS, (Independent Charge) for Sta s cs
& Programme Implementa on, Planning
and MoS Corporate Affairs. Besides the
Hon’ble MoS, the event was also graced
by Chairperson, NFRA, Secretary, MCA
and Members, NFRA. A er the
inaugura on, the Hon’ble MoS
distributed the prizes to the winning
par cipants of the Quiz on “Audi ng and
Accoun ng Standards in India”. The quiz
was organized on MyGov pla orm from
December 24, 2021 to January 26, 2022
and the overall 27,299 persons
par cipated.
(ix) Chairperson, NFRA was guest speaker at
the following public events.
a) Annual Directors’ Conclave 2022 of the
Ins tute of Directors held on
September 23, 2022.
th
b) FICCI’s 19 Annual Capital Market
Conference 2022 Amrit Kaal: Roadmap
for Capital Markets for India’s century
held on September 14, 2022.
18
Indian Corporate Law Service Academy
2.13.1 The Indian Corporate Law Service
Academy (ICLS Academy) was set up by the
Ministry of Corporate Affairs on September 12,
2008, originally as a school of Indian Ins tute of
Corporate Affairs (IICA) but was granted financial
autonomy from IICA by crea on of a separate
budget head under the Consolidated Fund of
India in March, 2018. ICLS Academy is the only
training ins tute under the Ministry of Corporate
Affairs to impart training to the Indian Corporate
Law Service (ICLS) officers and its feeder Cadres.
The Academy is headed by an ICLS officer of the
rank of Director / Joint Director who reports to
the Addi onal Secretary in the Ministry.
2.13.2 The ICLS Academy is responsible for
capacity building of the ICLS Officers and its
feeder cadre officials, and to make them
Karmayogi by impar ng role based learning
instead of rule based learning and interalia, has
the following responsibili es :
(i) To conduct mandatory induc on training
for ICLS Proba onary Officers [PO(s)],
who are recruited to ICLS through Civil
Service Examina on (CSE).
(ii) To conduct Intensive Training Programme
for the Group B officials of MCA promoted
to ICLS.
(iii) To organize Mandatory Mid-Career
training programme(s) for in-service ICLS
Officers, linked to their promo on in
various phases.
(iv) To organise various mandatory training
programme for Subordinate / Feeder
cadre.
(v) To organise other non-mandatory short-
term trainings for in-service ICLS Officers,
based on demand or recent amendments
in law.
(vi) To organise / conduct workshop(s) and
seminar(s) on latest issues on corporate
law etc.
(vii) Organising other training programmes as (viii) To liaison with various renowned
directed by the Ministry from me to ins tu ons and organisa on across the
me. na on for impar ng trainings to ICLS
officers and its subordinate Cadres.

19
 CHAPTER-III
THE COMPANIES ACT, 2013 AND ITS ADMINISTRATION
3.1.1 The Companies Act regulates a wide range
of ac vi es, including incorpora on,
opera onaliza on, governance, liquida on and
winding up of companies. Regula on of
corporate governance and obliga ons of
companies towards their stakeholders,
condi ons governing issue of preferen al shares,
private placements and distribu on of dividends,
statutory disclosure obliga ons, powers of
inspec on, inves ga on and enforcement and
company processes such as mergers/
amalgama ons/ arrangements/ reconstruc ons,
etc., cons tute the main focus of the Act.
Simplifica on of Rules & Procedures
3.2.1 During the period November 1, 2021 to
October 31, 2022, the Ministry issued 26
No fica ons and 12 Circulars (Annexure III & IV
respec vely).
Registra on of Companies
3.3.1 As on October 31, 2022, a total of
24,20,775 companies were registered in the
country. Of them 14,92,015 companies were
ac ve (comprising of 14,21,012 private
companies and 71,003 public companies). A
majority of the ac ve companies (about 80%)
were opera ng in ac vi es covered under five
broad heads, namely, Business Services (30%),
M a n u f a c t u r i n g ( 2 1 % ) , Tr a d i n g ( 1 3 % ) ,
Community, Personal & Social Services (9%),
Construc on (8%). Business Services, inter alia,
include hardware & so ware consul ng, data
processing, research & development, legal,
accoun ng & audi ng services, business &
management consultancy, adver sing, etc.
Manufacturing includes manufacturing of food
products, tex les, paper, metallic/non-metallic
mineral products, chemical & petroleum, radio,
television, transport & equipment, etc.

Table 3.1
Economic Ac vity-wise Ac ve Companies as on October 31, 2022
(Paid Up Capital in ₹ Crore)
S. Economic Private Public Total
No. Ac vity Number Authorized Number Authorized Number Authorized
Capital Capital Capital
I Agriculture and 62,878 22,336.84 2,256 18,547.43 65,134 40,884.27
Allied Ac vi es
II Industry 4,30,557 8,68,949.73 24,208 18,40,973.1 4,54,765 27,09,922.86
1. Manufacturing 2,90,370 5,57,003.97 17,636 7,02,590.78 3,08,006 12,59,594.75
i Metals & 98,858 2,15,114.57 7,623 2,39,426.61 1,06,481 4,54,541.18
Chemicals, and
products thereof
ii Machinery & 67,424 2,21,216.05 3,358 3,77,162.85 70,782 5,98,378.89
Equipment
iii Tex les 36,013 34,024.55 2,526 30,064.39 38,539 64,088.94
iv Food stuffs 46,604 49,030.19 2,466 31,433.19 49,070 80,463.39

20
 S. Economic Private Public Total
No. Ac vity Number Authorized Number Authorized Number Authorized
Capital Capital Capital
v Paper & Paper 17,668 14,454.85 800 10,057.97 18,468 24,512.82
products,
Publishing,
prin ng, and
reproduc on of
recorded media
vi Others 17,414 17,568.29 505 12,260.83 17,919 29,829.12
vii Leather & 3,370 3,045.31 182 1,059.52 3,552 4,104.84
products thereof
viii Wood Products 3,019 2,550.15 176 1,125.43 3,195 3,675.57
2. Construc on 1,12,860 1,46,867.01 4,106 2,30,830.22 1,16,96 3,77,697.23
3. Electricity, Gas & 14,914 1,35,345.49 1,769 8,55,279.19 16,683 9,90,624.68
Water companies
4. Mining & 12,413 29,733.26 697 52,272.94 13,110 82,006.20
Quarrying
III Services 9,16,311 9,68,971.85 42,313 11,87,947.5 9,58,624 21,56,919.44
1. Business Services 4,38,691 4,32,055.11 9,606 5,09,106.56 4,48,297 9,41,161.67
2. Trading 1,83,255 2,17,936.70 5,531 54,109.37 1,88,786 2,72,046.07
3. Real Estate and 73,567 81,389.59 2,543 23,610.12 76,110 1,04,999.71
Ren ng
4. Community, 1,29,603 71,465.72 4,158 1,08,944.41 1,33,761 1,80,410.12
personal & Social
Services
5. Finance 43,660 1,08,531.93 18,877 2,97,601.13 62,537 4,06,133.06
6. Transport, 46,375 55,682.69 1,451 1,52,256.60 47,826 2,07,939.29
storage and
Communica ons
7. Insurance 1,160 1,910.11 147 42,319.40 1,307 44,229.52
IV Others 11,266 18,020.99 2,226 70,671.66 13,492 88,692.64
Grand Total 14,21,012 18,78,279.41 71,003 31,18,139.8 14,92,015 49,96,419.22

21
 Chart 3.1
Sector-wise distribu on of Ac ve Companies as on October 31, 2022

3.3.2 During the period of December 1, 2021 to concept of One Person Company (OPC) in India.
October 31, 2022, a total of 1,57,504 companies During the period from January 1, 2022 to
were registered with the collec ve paid-up capital October 31, 2022 a total of 8,091 One Person
of ₹ 10,587.75 crore. Of these, 79 were Companies were registered with collec ve paid
Government Companies with paid-up capital of ₹ up capital of ₹78.26 crore. Chart 3.2 provides
sector wise distribu on of OPCs registered
1,602 crore and 1,57,425 were non-government
during the period of January 1, 2022 to October
companies with paid-up capital of ₹8,985.75 crore.
31, 2022.
One Person Companies
3.3.3 The Companies Act, 2013 introduced the
Chart 3.2
Sector-wise distribu on of OPCs during January, 2022 to October, 2022

22
Foreign Companies as following: As on November 1, 2021, 3,973
3.3.4 As on October 31, 2022, the total number companies were in liquida on; out of which 62
of foreign companies registered in the country companies were under members' voluntary
was 5,081 and of them 3,291 foreign companies winding-up, 1 company was under creditors'
were ac ve. During the period from December 1, voluntary winding up and 3,910 companies
2021 to October 31, 2022, a total of 55 Foreign under winding up by the court. During the period
C o m p a n i e s we re re g i ste re d u n d e r t h e November 1, 2021 to October 31, 2022, 31
Companies Act, 2013. companies came into liquida on. Out of a total of
4,004 companies, 317 companies were finally
Appointment of Managerial Personnel dissolved during the period November 1, 2021 to
and their Remunera on October 31, 2022. 3,687 companies are s ll in
3.4.1 Statutory applica ons for appointment liquida on process as on October 31, 2022. Out
and remunera on of managerial personnel in of this, 42 companies were under members'
company are provided under Sec ons 196 and voluntary winding-up, no company was under
197 r/w Schedule V of the Act. 51 applica ons creditors' voluntary winding up and 3,645
were received during the period from November companies were under winding up by the court.
1, 2021 to October 31, 2022 and 67 applica ons 3.6.2 Winding up/Liquida on under the CA-13 is
were disposed of and 98 applica ons are under as following: 167 companies went under
process (including applica ons pending as on Liquida on as on November 1, 2021, whereas 36
October 31, 2021). companies went into Liquida on during the
Nidhi Companies period from November 1, 2021 to October 31,
2022. As on October 31, 2022, the number of
3.5.1 Under Sec on 406 of CA-13, Nidhi
companies in Liquida on was 182.
Companies need to get their status
updated/declared as Nidhi Company, as the case Merger of Companies
be. Companies need to apply in form NDH-4 3.7.1 Under Sec ons 230-232 of CA-13, regarding
before the Central Government. From November no ces received from the Tribunal, 573
1, 2021 to October 31, 2022, a total of 842 Nidhi applica ons were pending as on November 1,
company applica ons, in form NDH-4 were 2021. A total of 1,080 applica ons were received
received and preliminarily scru nized. Further, and 1,110 applica ons were disposed during the
379 NDH-4 applica ons have been rejected period of November 1, 2021 to October 31, 2022.
during the above-men oned period. As on October 31, 2022, 543 applica ons were
Liquida on of Companies pending.
3.6.1 Winding up/Liquida on under the CA-56is
Table 3.2
Merger of Companies during the period from November 1, 2021 to October 31, 2022
S. Subject No. of No. of Total No. of applica ons No. of
No. applica ons applica ons (3+4) disposed of during the applica ons
pending as on received during period from 01.11.2021 pending as on
01.11.2021 01.11.2021 to to 31.10.2022 31.10.2022
31.10.2022
(1) (2) (3) (4) (5) (6) (7)
1. Sec ons 230-232 of the 573 1,080 1,653 1,110 543
Companies Act, 2013
(No ces received from the
Tribunal)
2. Sec on 233 of the Companies 135 403 538 350 188
Act, 2013 (Amalgama on of
small companies or between
holding and its wholly owned
subsidiaries)

23
3.7.2 Under Sec on 233 of Companies Act 2013,
regarding amalgama on of small companies or
between holding and its wholly owned subsidiaries
received from the Tribunal, 135 applica ons were
pending as on November 1, 2021. A total of 403
applica ons were received and 350 applica ons
were disposed of during the period of November
1, 2021 to October 31, 2022. As on October 31,
2022, 188 applica ons were pending for
processing.
Scru ny/ Inquiry
3.8.1 Power to call for informa on, explana on or
documents rela ng to a company is vested with the
RoC under Sub-Sec ons (1), (2) and (3) of the
Sec on 206 of the CA-13 [corresponding to
Sec on 234 of the CA-56].
3.8.2 This Ministry has mandated filing of balance
sheets as at March 31, 2011 and onwards, by a
certain class of companies in Extensible Business
Repor ng Language (XBRL) mode.
Table 3.3
Number of Scru ny/ Inquiry report received in the Ministry
during 2017-18 to 2021-22
Year
01.12.2017 to 14.11.2018
01.12.2018 to 07.11.2019
01.12.2019 to 19.11.2020
01.11.2020 to 31.10.2021
01.11.2021 to 31.10.2022
Inspec ons
3.9.1 Pursuant to the scru ny as above, further
informa on, explana on or documents may be
called for by the RoC. In case the requisite
informa on, explana on or documents are not
furnished, or if the same is considered
inadequate, or if the same reflects an
unsa sfactory state of affairs in the company,
under Sec on 206(4) of CA-13, RoC may require
the company to produce for their inspec on,
books of account, books, papers and other
explana on.
24
3.8.3 The following factors are considered by the
RoC for undertaking scru ny of balance sheets and
other documents filed by the companies:
(I) Alerts generated by MCA21 system on
analysis of the balance sheets filed by the
companies in XBRL mode;
(ii) Qualifica ons in the auditor's report;
(iii) Companies raising funds through public
issues and deposits;
(iv) Complaints received against companies;
and/or
(v) References received from other regulatory
authori es such as SEBI, RBI, other
Ministries/ Departments of the Government
of India and State Government.
3.8.4 The following statement shows the
number of reports of scru ny/ inquiry received
from the RoC by the Ministry during the years
2017-18 to 2021-22.
No. of Scru ny/ Inquiry Reports
541
583
199
328
735
3.9.2 On the basis of informa on available with
RoC or ac ng on the representa on made to him,
the RoC is sa sfied that:
(i) the business of a company is being carried
on for fraudulent or unlawful purpose,
(ii) the business of a company is being carried
on in viola on of the provisions of the CA-
13 or
(iii) the grievances of the investors are not
being addressed.
The RoC may, under Sec on 206(4) of CA-13 will
call for informa on or explana on from the
company.
3.9.3 If the Central Government is sa sfied that
the circumstances so warrant, it may:
(i) either direct the RoC or an inspector
appointed by it, to carry out inquiry under
Sec on 206(4), and/or
(ii) direct an inspector appointed by it, to carry
our inspec on book of account and papers
under Sec on 206(5).
3.9.4 The Inspectors appointed by Central
Government under Sec ons 206(4) and 206(5) of
CA-13 are usually drawn from amongst the
officers posted in the Offices of RDs.
3.9.5 Inspec ons under Sec on 206(5) are
ordered a er considera on of material in one or
more of the following circumstances:
(I) Viola ons/irregulari es no ced on
scru ny of documents filed in the offices of
the Registrars of Companies;
(ii) Qualifica ons in Auditor's reports;
(iii) Complaints received in the Ministry or in
its field offices about misu liza on of
proceeds of public issue, mismanagement,
non-maintenance of books of accounts,
delay in transfer or shares/ debentures,
delay in payment of dividend, non-
payment of deposits or interest thereon,
etc.
(iv) References received from other regulatory
authori es such as SEBI/RBI, other
Ministries/Departments of the
Government of India and State
Governments poin ng out viola ons of
the provisions of the CA-56 and/or CA-13
or other irregulari es.
3.9.6 Inspec ons are broadly undertaken to
serve one or more of the following objec ves of
verifica on of:
25
(i) compliance by companies of various
provisions of the Companies Act.
(ii) w h e t h e r t h e c o m p a ny ' s fi n a n c i a l
statements disclose a true and fair view of
the company's state of affairs and whether
the financial statements have been
prepared in accordance with various
Accoun ng Standards no fied by the
Central Government under Sec on 133 of
CA-13.
(iii) whether requisite disclosures as specified
in Schedule II to the CA-56 as well as
Accoun ng Standards prescribed by the
Central Government under Sec on 133 of
CA-13 have been made in the financial
statements.
(iv) whether company’s funds have been
diverted or misappropriated or whether
the company’s managerial personnel
have misused fiduciary posi on for any
personal gain.
(v) whether there are acts of mismanagement
or oppression of the minority
shareholders which adversely affect the
interest of the company's stakeholders, or
which may merit the company to be
wound up on just and equitable grounds
under the Act.
(vi) w h e t h e r t h e f u n d s ra i s e d b y t h e
companies through public issues/ private
placements have been u lized for the
purposes for which the same were raised.
(vii) whether statutory auditors have carried
out their du es diligently while cer fying
that the accounts reflect a true and fair
view of the financial posi on of the
company.
3.9.7 The total number of inspec on reports
received by the Ministry during the period
from December 1, 2017 to October 31,
2022 is given in Table 3.4 below:
 Table 3.4
Number of Inspec on reports received in the Ministry
during 2017-18 to 2021-22
Year
01.12.2017 to 14.11.2018
01.12.2018 to 07.11.2019
01.12.2019 to 19.11.2020
01.12.2020 to 30.10.2021
01.11.2021 to 31.10.2022
Inves ga ons
3.10.1 Power to order inves ga on in the affairs
of company is vested with the Central
Government under Sec on 210 of the CA-13
[corresponding to Sec on 235 of the CA-56], if it
is of the opinion, that it is necessary to do so:
(i) based on a Report of RoC Inspector, under
Sec on 208; or
(ii) based on a Special Resolu on of a
company that its own affairs need to be
inves gated; or
(iii) based on judicial Orders; or
(iv) in the public interest.
3.10.2 The Central Government may appoint one
or more persons as Inspectors for carrying out
inves ga on under Sec on 210. Usually,
Inspectors appointed by Central Government
under Sec on 210 for carrying out the
inves ga on are drawn from amongst the
officers posted in the Offices of RDs(except when
assigned to SFIO post).
3.10.3 The Central Government had vide a
Resolu on dated July 12, 2003, set up a SFIO to
inves gate into cases involving corporate frauds.
The SFIO has been conferred statutory status by
Sec on 211 of CA-13. The SFIO may be asked to
inves gate under Sec on 210, in cases
characterized by:
(i) C o m p l e x i t y, a n d h a v i n g i n t e r -
26
No. of Inspec on Reports
77
182
107
111
225
departmental and mul -disciplinary
ramifica ons;
(ii) Substan al involvement of public interest
to be judged by size, either in terms of
monetary misappropria on, or in terms of
the persons affected; and
(iii) Possibility of inves ga ons leading to, or
contribu ng towards, a clear
i m p rove m e nt i n syste m s , l aws o r
procedures.
Complaints
3.11.1 Complaints of various nature against the
companies are being received in the Ministry.
These are being forwarded/ marked to the RoCs
for taking appropriate ac on and submission of
report.
3.11.2 On the basis of reports received from
Registrars of Companies, in appropriate cases,
the Ministry takes suitable ac on, which include:
(i) Issuing orders for scru ny of Balance
Sheets and other documents of companies
under Sec on 206(4) of the CA-13;
(ii) Inspec on of books of accounts and
records under Sec on 206(5) of the Act;
(iii) Inves ga on into the affairs of Companies
under Sec ons 210 & 212 of the Act;
(iv) As per Sec on 211 of the CA-13, Serious
Fraud Inves ga on Office (SFIO) has been
 established and it is an independent en ty
to inves gate the complex ma er
involving inves ga on. The power of
inves ga on has been conferred to SFIO;
(v) Launching prosecu ons where viola on of
the provisions of the Companies Act, 1956
and/or CA-13 are prima facie no ced; and
(vi) Referring the ma ers to other Ministries/
Departments of the Government of India
including, SEBI, RBI, etc.
Prosecu ons
3.12.1 Prosecu ons are filed by the Jurisdic onal
RoCs and SFIO against the companies for
viola ons of various provisions of Companies
A c t . A s o n N o ve m b e r 1 , 2 0 2 1 , 3 5 , 0 8 6
prosecu ons, that were filed by various RoCs,
were pending throughout the country with
various courts at different stages. During the year
Table 3.5
Filing/disposal of cases in NCLT
Cases M&A
Fresh filed 1,918
Disposed of 2,126
Pending at the end 1,168
*Fresh filed include those received on transfer from High Court but do not
include received on transfer from other NCLT Benches.
3.13.3 During the year, a colloquium was
organized for Capacity Building of the Hon’ble
Members of NCLT on the topic, “NCLT- The Road
Ahead” on March 26&27, 2022 and the following
topics were discussed:
(i) Admission of Pe ons under Sec ons 7
and 9 of IBC, 2016
(ii) Avoidance Transac ons under IBC, 2016
(iii) Oppression and Mismanagement cases
under the Companies Act, 2013
2021-22 (November 1, 2021 to October 31,
2022), 2,336 fresh prosecu ons were filed. Out
of these 37,422 cases, 1,305 prosecu ons were
disposed of during the year and 36,117
prosecu ons were pending as on October 31,
2022.
Na onal Company Law Tribunal
3.13.1 The NCLT consists of a President and such
number of other Judicial and Technical Members
as may be required. The details of the present
composi on of NCLT have been annexed at
Annexure-V. During the period, 28 courts
remained in func on in 16 Benches at 15
loca ons. The list of Benches is annexed as
Annexure-VI.
3.13.2 The filing, disposal and pendency of cases
in NCLT during the period from November 1,
2021 to October 31, 2022 is given in the following
table:
IBC* Others Total
5,050 2,761 9,729
5,868 2,265 10,259
12,871 7,024 21,063
(iv) Approval of Resolu on Plan and effect of
IAs on disposal of cases under IBC, 2016
(v) Liquida on- Liquida on Order and Power
of Liquidators
(vi) Insolvency & Voluntary Liquida on-
Sec on 10 and Sec on 59 of IBC, 2016
(vii) Sec on 94 to 100 of IBC, 2016
(viii) Merger & Demerger of Companies under
Sec on 230-232 of CA-13
27
ix. Acknowledgement of debt and its
consequences- Sec ons 18 to 20 of
Limita on Act, 1963
x. Impediments causing delay in NCLT
Proceedings
xi. Opera onal Debt and Existence of
Disputes
xii. SARFAESI, IBC and RERA Interplay
3.13.4 Steps were taken during this period to
further improve the infrastructure in NCLT
Benches. The NCLT Benches at Indore and
Amaravathi were made opera onal from their
respec ve places on February 25, 2022 and June
2, 2022, respec vely.
3.13.5 Following ini a ves have been taken
towards implementa on of the e-Court Project:
(i) As on date, all the three Modules of the e-
Court, namely e-Filing Module, Case
Informa on System (CIS) and Document
Management System (DMS) have been
fully in opera on in all Benches of NCLT.
Au to m a c system gen erated ca s e
numbering for all filed cases has been
introduced in all Benches.
(ii) In the e-filing Module, integra on for
facilita ng user registra on, online
payment through Bharat Kosh and
document uploading have been made.
Integra on with MCA21 database has
been made.
(iii) The Case Informa on System (CIS)
designed for all registry ac vi es like case
scru ny, case proceedings, case alloca on,
cause list genera on and order uploading
has been in opera on in all the Benches.
The NCLT Website has been linked with the
CIS.
(iv) The Document Management System
(DMS) which is the centralized repository
of all court records has already been
implemented. The data is accessible to the
28
u s e r s l i ke A d v o c a t e s /A u t h o r i z e d
Representa ves, Other Statutory Bodies,
Registry Officials, Court Officers and
Members.
(v) The Court Proceedings are undertaken on
the DMS Pla orm in all Benches of NCLT.
(vi) Display Boards are in opera on in all
Benches for public inside NCLT premises.
Na onal Company Law Appellate
Tribunal
3.14.1 The Na onal Company Law Appellate
Tribunal (NCLAT) has been cons tuted under
Sec on 410 of the CA-13 for hearing appeals
against the orders passed by the Na onal
Company Law Tribunal(s) (NCLT), w.e.f. June 1,
2016. The current composi on of NCLAT is
annexed at Annexure V.
3.14.2 The NCLAT is the Appellate Tribunal for
hearing appeals against the orders passed by
NCLT(s) under Sec on 61 of the IBC)w.e.f.
December 1, 2016. NCLAT is also the Appellate
Tribunal to hear appeals against the orders
passed by Insolvency and Bankruptcy Board of
India under Sec ons 202 and 211 of IBC.
3.14.3 It is also the Appellate Tribunal to hear and
dispose of appeals against any direc ons issued
or decision made, or order passed by the CCI – as
per the amendment brought to Sec on 410 of
the CA-13 by Sec on 172 of the Finance Act,
2017, w.e.f. May 26, 2017.
3.14.4 Further, NCLAT is empowered to hear and
dispose of appeals against the orders of Na onal
Financial Repor ng Authority, by virtue of the
amendment brought to Sec on 410(a) of the CA-
13 by Sec on 83 of the Companies (Amendment)
Act, 2017, w.e.f. May 7, 2018.
3.14.5 The Central Government, vide No fica on
S.O. 1060(E) dated 13.03.2020, cons tuted
another Bench of the NCLAT at Chennai to hear
the appeals against the orders of the Benches of
the NCLT having jurisdic on of Karnataka, Tamil
Nadu, Kerela, Andhra Pradesh, Telangana,
Lakshadweep, and Puducherry. The Bench of the
NCLAT at New Delhi is known as the Principal
Bench of the NCLAT which con nues to hear
appeals other than those in the jurisdic on of
Chennai Bench of the NCLAT. The Chennai Bench
of the NCLAT has been inaugurated by Hon’ble
Smt. Nirmala Sitharaman, Minister of Finance
and Minister of Corporate Affairs, w.e.f. January
25, 2021. Therefore, at present, the NCLAT has its
Benches at two loca ons:
(i) Principal Bench at New Delhi: 2nd & 3rd Floor
of Mahanagar Doorsanchar Sadan
(M.T.N.L. Building), 9, CGO Complex, Lodhi
Road, New Delhi- 110003 (Near Scope
Complex).
(ii) Chennai Bench at Chennai: 6 th Floor,
Ezhilagam Annex, Chepauk, Chennai-
600005.
3.14.6 The present status of cases before the
NCLAT benches, as on October 31, 2022 is as
under:

Table 3.6
Number of cases as on October 31, 2022
Principal Bench at New Delhi
S. Appeals filed under Total appeals Total appeals Appeals
No. received up to disposed of up to pending as on
31.10.2022 31.10.2022 31.10.2022

1. IBC, 2016 6,033 5,139 894

2. Companies Act, 2013 1,724 1,441 283
3. Compe on Act, 2002 404 113 291
4. Compensa on cases under Compe on
Act, 2002 11 02 09
5. MRTP Cases 07 05 02
Total 8,179 6,700 1,479

Chennai Bench at Chennai

S. Appeals filed under Total appeals Total appeals Appeals
No. received up to disposed of up to pending as on
31.10.2022 31.10.2022 31.10.2022

1. IBC, 2016 916 245 671

2. Companies Act, 2013 293 48 245
Total 1,209 293 916

Inves ga ons and Prosecu on by inves ga on reports were submi ed to

Serious Fraud Inves ga on Office (SFIO)
3.15.1 Performance of SFIO from November 1,
2021 to October 31, 2022 are listed below:
(i) Inves ga ons: During the period from
November 1, 2021 to October 31, 2022,
MCA for 17 cases involving 58 companies.
(ii) Prosecu ons: During the period from
November 1, 2021 to October 31, 2022,
the numbers of prosecu ons filed in
various designated courts are as under: -

29

No. of prosecu ons filed in various designated courts
S. Period
No.
1. From 01.11.2021 to 31.10.2022
Cost Audit Branch
3.16.1 During the period from November 1,
2021 to October 31, 2022, MCA took on record
10,992 eForms rela ng to appointment of Cost
Auditors [2 (eForm 23C) & 10,990 (eForm CRA-
2)].
3.16.2 Further, the number of Cost Audit
Reports taken on record during the period from
November 1, 2021 to October 31, 2022 stood at
9,953 eForms [(3 (eForm I-XBRL) & 9,950 (eForm
CRA-4)].
3.16.3 During the period from November 1,
2021 to October 31, 2022, Cost Audit Branch,
MCA shared 270 Cost Audit Reports, as filed by
the companies, with various user Departments,
like Department of Expenditure, Ministry of
Defence and Department of Mines, Government
of Karnataka.
Interna onal Financial Repor ng
Standards
3.17.1 The Companies (Indian Accoun ng
Standards) Rules, 2015 had been amended vide
no fica on dated March 28, 2018 to bring into
force Ind AS 115 Revenue Recogni on Standard
from Contracts with Customers and replace Ind
AS 11, Construc on Contracts and Ind AS 18,
Revenue. Further, amendments to other
standards; Ind AS 21, the Effects of Changes in
Foreign Exchange Rates, Ind AS 112, Disclosure of
Interests in Other En es & Ind AS 28,
Investments in Associates and Joint Ventures, Ind
AS 40, Investment Property and Ind AS 12,
Income Taxes were carried out as part of annual
improvements made in the corresponding IFRS
Table 3.7
No of Prosecu ons Filed Total
Company Law/IPC ICAI NCLT
18 40 38 96
standards/ consequen al changes due to Ind
AS 115.
3.17.2 A no fica on was further issued on
September 20, 2018 whereby the Companies
(Indian Accoun ng Standards) Rules, 2015 had
been amended to make changes in Ind AS 20,
Accoun ng for Government Grants and
Disclosure of Government Assistance by
providing op on to en ty to present grants
related to assets, either by; (i) se ng up grant as
deferred income or (ii) by deduc ng the grant in
arriving at the carrying amount of the asset.
3.17.3 C o m p a n i e s ( I n d i a n A c c o u n n g
Standards) Rules, 2015 had been amended on
March 30, 2019, by inser ng Ind AS 116, Leases
which is corresponding to IFRS 16, Leases. This
Ind AS 116 has replaced exis ng Ind AS 17 Leases
and accordingly Single Lease accoun ng model
for lessee has been introduced by elimina ng the
classifica on of Leases as either opera ng leases
or finance leases. (No fica on No. G.S.R. 273(E)
dated March 30, 2019).
3.17.4 C o m p a n i e s ( I n d i a n A c c o u n n g
Standards) Rules, 2015 had been amended on
March 30, 2019 in order to bring uniformity with
the changes made in IFRS from me to me and
as a part of convergence with IFRS and
accordingly some exis ng Ind AS (Ind AS- 12, 19,
23, 28, 103, 109, 111 and consequent
amendments in other Ind AS) similar to IFRSs
have been amended. (No fica on No. G.S.R.
274(E) dated March 30, 2019).
3.17.5 The Ministry no fied the Companies
(Indian Accoun ng Standards) Amendment
Rules, 2020 on July 24, 2020 which amended
Companies (Indian Accoun ng Standards) Rules,
30
2015 with respect to the Ind AS 1 related to 3.17.7 The Ministry no fied the Companies
Presenta on of Financial Statements; Ind AS 103 (Indian Accoun ng Standards) Rules, 2022
related to Business Combina ons; Ind AS 107 through which amendments had been made to
related to Financial Instruments, etc. Ind AS 16, Ind AS 103, Ind AS 37, Ind AS 101, Ind
AS 109 and Ind AS 41. While most of the
3.17.6 Further, the Companies (Indian
amendments are in line with those prescribed for
Accoun ng Standards) Rules, 2015 have recently
IFRS, the Ministry issued carve out for Ind AS 16
b e e n a m e n d e d v i d e n o fi ca o n d ate d
Property, Plant and Equipment. The Rules came
18.06.2021 inter-alia to extend the benefits of
into effect from April 1, 2022.
COVID-19 related rent concession, that were
introduced last year, from June 30, 2021 to June
30, 2022.

31
 CHAPTER – IV
THE LIMITED LIABILITY PARTNERSHIP (LLP) ACT, 2008
4.1.1 In India, about 95 per cent of industrial
units are Small and Medium Enterprises (SMEs).
As per the survey conducted by the Ministry of
Micro, Small and Medium Enterprises (MSME),
over 90 per cent of these SMEs are registered as
Proprietorships, about 2 per cent to 3 per cent as
Partnerships and less than 2 per cent as
Companies. The corporate form does not appear
to be widely prevalent amongst SMEs. Analysis of
the data collected by the Ministry of MSME
suggests that high compliance costs under the
Companies Act, 1956 deterred the SMEs from
adop ng the corporate form. But, the
func oning of a proprietorship or a partnership
firm is too opaque, making assessment of
creditworthiness by bankers difficult and
therefore the SME sector is at a compara ve
disadvantage vis-à-vis corporate bodies in
accessing loan/credit facili es from banks and
other financial ins tu ons.
4.1.2 In this background, a need was felt for a
new corporate form that would provide an
alterna ve to the tradi onal partnership with
unlimited personal liability. The statute-based
governance structure of a limited liability
company is an alterna ve that enables
professional exper se and entrepreneurial
ini a ve to combine, organize and operate in a
flexible, innova ve and efficient manner.
Interna onally, Limited Liability Partnerships
(LLPs) are the preferred vehicle of business,
par cularly for the service industry or for
ac vi es involving professionals, especially in
countries like the United Kingdom, United States
of America, Australia, Singapore, etc.
4.1.3 The Government has, therefore, permi ed
the LLP form of business organiza on in India
with a view to create a facilita ng environment
for entrepreneurs, service providers and
professionals to meet the challenges of global
compe on. Parliament enacted the Limited
Liability Partnership Act, 2008, which was
no fied on January 9, 2009. It came into effect
32
from March 31, 2009. The enabling Rules were
no fied on April 1, 2009 and the first LLP was
registered on April 2, 2009.
4.1.4 An LLP is a form of business en ty, which
allows individual partners to be protected from
the joint and several liabili es of partners in a
partnership firm. The liability of partners
incurred in the normal course of business does
not extend to the personal assets of the partners.
It is capable of entering into contracts and
holding property in its own name. An LLP would
be able to fulfil the compliance norms with much
greater ease, coupled with limita on of liability.
The corporate structure of LLP and the statutory
disclosure requirements would enable higher
access to credit in the market. The introduc on of
LLP form of business is expected to promote
entrepreneurship, par cularly in rela on to the
knowledge-based industries, such as the
informa on technology and biotechnology
sectors, and other service providers and
professionals.
4.1.5 The func ons of Registrar of LLPs are being
exercised by the RoCs, with effect from June 11,
2012. Natural persons and Body Corporates,
Indian or foreign, can be partners in an LLP. At
least two of them have to be “Designated
Partners”, of which at least one should be a
resident of India. A Body Corporate can also be a
designated partner, and in such a case, an
individual authorized by the body corporate will
func on as the designated partner. An LLP enjoys
the status of a Body Corporate and shall have a
separate legal en ty, dis nct from that of its
members, and have a perpetual succession. The
LLP can con nue to have its existence
irrespec ve of changes in partners.
4.1.6 LLPs are required to maintain Book of
Accounts, Annual Financial Statement and
Statement of Solvency which are to be filed with
the Registrar every year. An LLP can be wound up,
either voluntarily, or by an order of NCLT.
4.1.7 In order to infuse a culture of transparency,
the documents/ informa on such as
Incorpora on document, Names of partners and
changes, if any, made therein, Statement of
Account and Solvency and Annual Return are
open for inspec on by any person on payment of
prescribed fee. The Central Government has
powers to inves gate the affairs of an LLP, if
required, by appoin ng an Inspector.
4.1.8 A firm, private company or an unlisted
public company is allowed to be converted into
an LLP in accordance with the provisions of the
Act. Provisions have also been made for
corporate ac ons like mergers, amalgama ons,
etc.
4.1.9 I n o r d e r t o e n h a n c e a n d e x t e n d
opera onal convenience to stakeholders and
grouping of all registry-related func ons on a
single pla orm, e-governance ini a ve for LLP
was integrated with MCA21 from June 11, 2012.
With this integra on, the filing and approval of
LLP forms is being done through MCA21 portal,
stakeholders are presently availing of all exis ng
facili es of MCA21 for LLP form filing, including
33
online payment, or use of internet banking of
designated banks, in addi on to credit card
payment.
4.1.10 An LLP serves as a business vehicle in the
body corporate form, having a separate legal
en ty, liability of the partners limited to their
agreed contribu on.
4.1.11 The LLP Act, 2008 was amended through
LLP (Amendment) Act, 2021 on August 13, 2021,
and seeks to ease the regula ons in the case of
Limited Liability Partnerships, by
d e c r i m i n a l i z a o n o f c e r t a i n o ffe n c e s ,
prescrip on of standards of accoun ng &
standards of audi ng, establishment of Special
Courts for speedy trial of offences, and
introduc on of new concepts such as “Small LLP”
in provisions of the LLP Act, 2008.
4.1.12 As on October 31, 2022, the number of
LLPs registered in the country was 2,86,377 and
of them 2,57,944 LLPs were ac ve. During the
period from December 1, 2021 to October 30,
2022, a total of 31,349 LLPs were incorporated.
 CHAPTER – V
THE COMPETITION ACT, 2002 AND RELATED ACTIVITIES
The Compe on Act, 2002 &
Establishment of the Compe on
Commission of India
5.1.1 The Parliament enacted the Compe on
Act, 2002, with objec ves:
(i) to prevent prac ces having adverse effect
on compe on;
(ii) to promote and sustain compe on in
markets;
(iii) to protect the interests of consumers; and
(iv) to ensure freedom of trade carried on by
other par cipants in markets, in India, and
for ma ers connected therewith or
incidental thereto.
The Compe on Act has four pillars, which
reinforce one another and are as follows:
(i) Prohibits an -compe ve agreements like
cartels, which restrict freedom of trade
and cause consumer harm by way of
limi ng produc on and distribu on of
goods and services and fixing prices higher
than normal;
(ii) Prohibits abusive behavior of a dominant
fi r m , w h o t h ro u g h i t s p o s i o n o f
dominance may restrict markets and sets
unfair and discriminatory condi ons;
(iii) Regulates combina on/(s) of large
corpora ons in order to safeguard
compe ve markets; and
(iv) Mandates compe on advocacy
5.1.2 CCI (hereina er referred to as the
Commission) was established in the year 2003
and got its enforcement and regulatory powers
a er the substan ve provisions of the Act
rela ng to an -trust enforcement and regula on
of combina ons came into force on May 20, 2009
and June 1, 2011, respec vely.
5.1.3 The Compe on Act, 2002, provides for
se ng up of the CCI comprising Chairperson and
a minimum of two and maximum of six Members.
34
The Union Government in April, 2018, had
decided that there would be three members in
CCI. Thus, as per revised composi on, the
Commission consists of one Chairperson and
three Members. The Act also provides for
establishment of an Appellate Tribunal to hear
and dispose of appeals against the orders of CCI
and adjudicate upon the claims of compensa on
that may arise from the findings of the
Commission. The work of COMPAT, in pursuance
of the amendment of the Compe on Act, 2002
by the Finance Act, 2017, has been merged with
NCLAT. As such, the former tribunal has ceased to
exist and now all first appeals against the orders
of the Commission lie before the NCLAT.
5.1.4 The composi on of the Commission is a
Chairperson and not more than 6 Members
appointed by the Central Government. The
present composi on is annexed at Annexure VIII.
Cases dealt with by the Commission
5.2.1 The posi on with regard to cases dealt
with by the CCI during the period from November
1, 2021 to October 31, 2022 are elaborated as
under:
A. Enforcement Ac vi es
5.2.2 During the period stated above, the
Commission has received 52 cases in total. Out of
these 52 cases, 50 cases have been dealt with
under Sec on 19 (1)(a), 01 reference case, under
Sec on 19(1)(b) and 01 suo-moto case under
Sec on 19(1) of the Compe on Act, 2002, was
ini ated by the Commission itself. During the said
period, the Commission ordered an inves ga on
by the Director General (DG) in 19 cases under
Sec on 26(1) of the Act and 05 cases were also
sent to DG for inves ga on without passing an
order under Sec on 26(1) but clubbed with
similar ma ers in which order under Sec on
26(1) had been passed. The Commission closed
the cases at a prima-facie stage in 44 cases under
Sec on 26(2) of the Act and 01 case was closed in
other/miscellaneous category. The Commission
closed 05 cases under Sec on 26(6). Further, 21
cases were disposed of under Sec on 27 and 08
cases in the other/miscellaneous categories a er
receipt of DG Report.
5.2.3 Cumula vely, between May 20, 2009 to
October 31, 2022, 1207 cases were registered
under Sec on 19 of the Compe on Act, 2002.
The Commission has disposed of 1102 cases. In
addi on, 03 cases were quashed by Hon’ble
Supreme Court and in 01 case, order for
inves ga on has been set aside by Hon’ble Delhi
High Court. Furthermore, 493 cases were
referred to DG for inves ga on including 08
cases in which orders under Sec on 26(1) have
not been passed but have been clubbed with
similar ma ers and orders under Sec on 26(1)
had been passed and 01 case in which
inves ga on has been ins tuted on the basis of
an order of the Hon’ble Madras High Court. DG
has submi ed inves ga on report in respect of
427 cases. The inves ga on is underway in
various other cases.
5.2.4 During the period November 1, 2021 to
October 31, 2022, the Commission has passed
final orders under Sec on 27 of the Act in 21
cases. Out of these 21 cases, the Commission
imposed penal es in 12 Cases to the tune of ₹
2735.65 crores and issued cease & desist orders
apart from other direc ons in the remaining 08
cases. The Commission did not impose monetary
penalty taking into considera on the prevailing
economic situa on as well as the fact that par es
in many of these cases were MSMEs. In 01 case,
pursuant to the order of the Hon’ble Supreme
Court order, the final order dated August 31,
2018, passed by the CCI under Sec on 27 of the
Act has been unsealed and forwarded to par es
on February 7, 2022, for compliance, wherein a
penalty of ₹ 1789.32 crores has been imposed. In
05 cases, orders under Sec on 26(6) have been
passed in which the Commission did not find any
contraven on of the provisions of the Act and
closed the ma ers.
B. Combina ons
5.2.5 The provisions rela ng to Regula ons of
Combina ons (Mergers and Acquisi ons) in the
35
Compe on Act, 2002 were no fied by the
Government of India on March 4, 2011 and
became effec ve form June 1, 2011. For
execu ng the mandate given under the
Compe on Act, the Commission no fied “The
Compe on Commission of India (Procedure in
regard to the transac on of business rela ng to
combina ons) Regula ons, 2011” (hereina er
known as ‘Combina on Regula ons’) on May 11,
2020. These regula ons have been amended
since then vide No fica on(s) dated February 23,
2012, April 4, 2013, March 28, 2014, July 1, 2015,
January 7, 2016, October 9, 2018, August 13,
2019, October 30, 2019, November 26, 2020 and
April 1, 2022.
5.2.6 During the period November 1, 2021 to
October 31, 2022, the Commission received 103
no ces in total. Out of these, 101 no ces were
received under sub-sec on (2) of Sec on 6
[Form- I & II filings] of the Act. This includes 22
Form – I No ces through Green Channel (under
Regula on 5A to the Combina on Regula ons). 2
no ces under Sec on 6(5) have been filed under
Sec ons 5 & 6 of the Compe on Act. The
Commission disposed of/approved 102 no ces
during the period.
5.2.7 Cumula vely, between June 1, 2011 and
October 31, 2022, 995 Combina on No ces
[including 15 no ces under Sec on 6(5)] have
been filed under Sec on 5 & 6 of the Compe on
Act in the Commission. Out of these 990
[including 15 no ces under Sec on 6(5)] no ces
have been finally disposed of by the Commission.
5.2.8 During the year, the Commission reviewed
combina ons that impacted the consumers as
well as the economy in both the sectors, i.e.,
tradi onal such as Finance, Power & Power
Genera on, Auto & Auto Components,
Informa on Technology and Services, Mining &
Metals, Pharmaceu cals and Healthcare, Food &
Refined Oil, Retail as well as new economic
sectors such as Online Payment segment, Data
Centre and e-commerce.
5.2.9 Green Channel: The Commission has
introduced an automa c system for approval of
combina ons by bringing “Regula ons 5A to the
Combina on Regula ons” vide the Compe on
Commission of India (Procedure in regard to the
transac on of business rela ng to combina ons)
Amendment Regula ons, 2019 dated August 13,
2019. Under this process, the combina on is
deemed to have been approved upon filing the
no ce in the prescribed form and issue of
acknowledgement thereof. During the period
from November 1, 2021 to October 31, 2022, the
Commission received 22 Green Channel no ces,
which is around 22% of total combina on cases
filed during the period.
C. Easing Compliance
5.2.10 During the period, Commission took
several ini a ves to ease the compliance burden
by constantly and dynamically reviewing its
process. It also overhauled and amended the
confiden ality regime in light of the experience
gained and difficul es faced to establish a robust
informa on sharing regime allowing par es to
effec vely present their cases without
compromising the sanc ty of commercially
sensi ve informa on. Regula on 35 of CCI
(General) Regula ons, 2009, was amended by
no fica on dated April 8, 2022 Further, revised
guidance notes were issued which gives par es
to the combina on clarifica on notes on the
informa on to be filed with CCI. The Commission
also issued FAQs in order to provide clarity,
predictability and guidance to stakeholders and
to facilitate a be er understanding of its
func oning. The FAQs have also been translated
in Hindi, Bengali, Marathi and Tamil languages.
Capacity Building Ini a ves
5.3.1 D u r i n g t h e p e r i o d o f re p o r t , t h e
Commission organized a two-day virtual ‘In-
house Induc on Training Programme’ for newly
inducted officers and research associates posted
at DG office. Further, an in-house training
programme on the topic 'Confiden ality Regime
in Compe on Law and Dra ing & Forwarding of
Report to CCI' was also organized at DG office for
newly inducted officers.
5.3.2 Addi onally, the Commission also
organized two virtual short workshops on
‘Independent India @ 75: Self Reliance with
36
Integrity’ and ‘Key FRAND and SEP Licensing
Issues’ and one physical workshop on ‘Gender
Sensi za on’ during the period of report for the
officers and research associates of CCI and DG
office.
5.3.3 Between November 2021 to October
2022, a total of 49 par cipants a ended
trainings/workshops on various relevant
subjects/topics organized by specialized training
ins tu ons within India (offline/online). In
addi on, officers have been regularly a ending
r e l e v a n t s e m i n a r s / c o n fe r e n c e s / t a l k s
(online/offline) organized by various ins tu ons
and professional bodies.
5.3.4 T h e C o m m i s s i o n re g u l a r l y i nv i te s
dis nguished speakers from various fields to
address its officers under its Dis nguished
Visitors Knowledge Sharing Series (DVKS)
programme. In addi on to the DVKS Series, for
capacity building enhancement and knowledge
upgrada on of its officials, the Commission has a
monthly lecture series under the name ‘Special
Lecture Series (SLS)’ wherein it invites learned
individuals/experts from different sectors/areas
to deliver lectures. During the period of report
(from November 1, 2021 to October 31, 2022),
nine such lectures/talks were organized under
SLS.
5.3.5 The Commission organized the Annual
Webinar of Cartel Working Group (CWG) 2021-22
under the aegis of the Network of Indian
Compe on Experts (NICE) in October 2022.
5.3.6 During the period, the Commission
organized two five-day A achment Programmes
for eight and nine Indian Corporate Law Services
(ICLS) Officer Trainees from batch-10 and batch-
11 respec vely, as part of their Professional
Course under On the Job (OTJ) Training
Programme.
5.3.7 In July 2022, the Commission organized a
briefing session for two Assistant Secretaries (IAS
batch 2020) who were posted in Ministry of
Corporate Affairs (MCA) on central deputa on as
part of the Orienta on Programme.
5.3.8 The Commission facilitated the visit of
eight India Telecom Service (ITS) Group-A
Proba oners of batch 2019 at CCI in August 2022
as part of the one-week training module under
the Induc on Training of ITS Proba oners with
Na onal Telecommunica ons Ins tute for Policy
Research, Innova on and Training (NTIPRIT).
Conferences & Workshops
5.4.1 Workshop on Startup Ecosystem and
Compe on: CCI organised a virtual workshop
on Startup Ecosystem and Compe on on
February 04, 2022 with IIIT Bangalore as the
knowledge partner. Mr. Nandan M. Nilekani,
Chairman and Co-founder, Infosys, and Founding
Chairman, UIDAI, delivered the keynote address
at the workshop.
5.4.2 Na onal Conference on Economics of
Compe on Law: The CCI has been organizing its
annual Na onal Conference on Economics of
Compe on Law since 2016. This annual
conference brings together scholars,
prac oners, academicians and experts to
s mulate research, develop understanding and
ini ate debate on contemporary issues in the
field of economics of compe on law. The 7th
edi on of the Conference was organised on
March 4, 2022 through the virtual mode. Mr.
Neelkanth Mishra, Member, Economic Advisory
Council to the Prime Minister, was the Keynote
Speaker at the conference.
5.4.3 Compe on Commission of India Journal
on Compe on Law and Policy: The second
volume of the Compe on Commission of India
Journal on Compe on Law and Policy was
published with ISSN: 2582-838X (Print) and 2583-
0767 (Online) in 2022. This was conceived with
the aim of fostering research in the field of
compe on law and policy. Compe on law is a
rela vely new area of interdisciplinary research
concerning law, economics, and finance. With
the publica on of this journal, the Commission
hopes to s mulate rigorous research and
informed debate on contemporary issues in the
field and apply the results for enforcement and
advocacy. This journal is available in the public
domain at h ps://ccijournal.in/index.php
/ccijoclp.
37
Market Studies
5.5.1 Market Study on Pharmaceu cal sector in
India: The Commission conducted a Market
Study on the Pharmaceu cal Sector in India.
With the overarching objec ve of understanding
the factors that influence price compe on in
the pharmaceu cal sector, the study focused on
t h e s p e c i fi c re a l m s o f p h a r m a c e u c a l
distribu on (including the emergence of e-
pharmacies) and the role of trade associa ons
therein, trade margins and drug pricing, and the
prevalence of branded generic drugs in India and
its implica ons for compe on. Since the
pharmaceu cal sector is a regulated sector, the
study also a empted to explore the areas of
interface between regula on and compe on
with a view to ascertain the Commission’s
advocacy priori es. The market study findings
indicate that (a)Generic drugs are expected to
play an important role in bringing down drug
prices, thereby reducing healthcare costs and
improving access. In India, brand compe on
overrides price compe on with generic
formula ons marketed under dis nct brand
names. (b)For compe on in generic drugs to
move from non-price to price dimension, it is
cri cal to dispel concerns about drug quality.
(c)Online pharmacy/ e-pharmacy, in its current
‘phygital’ format, complements the offline retail
network. The key concerns of stakeholders are
discounts offered by these pla orms and
concentra on of personal health data with few
pla orms.
5.5.2 Market Study on Common Ownership in
India: CCI conducted a Market Study on Common
Ownership in India which concluded in March,
2022. The study aimed at understanding
compe on implica ons in a situa on where
large ins tu onal shareholders hold minority
stakes in a number of companies that are ac ve
within the same industry and compete with each
other. It aimed to gain an understanding of the
m a r ke t s w i t h s u b s t a n a l i n s t u o n a l
investments, gauge the trends and pa erns in
common ownership across various sectors in
India, ascertain ins tu onal investors’
underlying incen ves and mo va ons behind
such investments, and understand common
shareholders’ rights and how these rights
influence decision-making. The study findings
indicate that financial inves ng is a complex
industry, with specifici es and nuances
characterized by numerous intricacies which vary
from transac on to transac on that guide
investment decisions. The varia ons are
manifested across investor classes and their
business models, nature of target companies
including the sector and stage of their
opera ons, and the rights nego ated during the
transac on. Common ownership is one such
investment decision. The assessment of impact
on compe on from common ownership should
be done on a case-by-case basis.
5.5.3 Market Study on Film Distribu on Chain:
CCI conducted a Market Study on Film
Distribu on Chain in India. The study completed
in October, 2022. The Market Study has iden fied
some key compe on issues emana ng from the
role of various film industry associa ons and
imbalances due to superior bargaining power of
some en es. The industry stakeholders have
voiced concerns about unequal revenue sharing
arrangements; challenges posed by newer
technologies in cinema; virtual print fees and
tying and bundling arrangements at the
exhibi on level. The Commission has advocated
certain recommenda ons for self-regula on by
t h e sta ke h o l d e rs , w h i c h ca n a l l ay t h e
compe on concerns and limit regulatory
interference.
5.5.4 Market Study on Compe on and
Regulatory Issues Related to the Taxi and Cab
Aggregator Industry: CCI concluded a market
study, through the study partner [Shri Ram
College of Commerce, University of Delhi] to
analyse compe on and regulatory issues
pertaining to online Cab Aggregators, with
special reference to their policy of ‘surge pricing’.
The Study revealed that the riders are not
necessarily averse to paying surge, as the
consumers derive u lity from the convenience
and availability of technology-driven cabs. On the
38
issue of personalised pricing, the study revealed
a mismatch between riders’ percep on and the
Cab Aggregators’ response on factors impac ng
fare calcula on. The study also pointed towards
non-transparency and informa on asymmetry in
various aspects both from the perspec ve of
drivers and riders, such as cancella on charges,
surge component shown to drivers and riders,
various heads cons tu ng total fare. Based on
the recommenda ons of the study, the
Commission, as part of its advocacy mandate,
also issued an advisory to cab aggregators to
adopt self-regulatory measures, to address
informa on asymmetry and transparency
concerns. The key findings of the study along
w i t h s e l f- re g u l ato r y m e a s u re s fo r C a b
A g g re gato rs a re n o w ava i l a b l e o n t h e
Commission’s website.
Par cipa on in Interna onal Events
5.6.1 Important interna onal events where CCI
was represented are indicated hereunder:
I. Interna onal Compe on Network
(ICN):
(i) The Commission virtually hosted the
9th Interna onal Compe on
Network Unilateral Conduct
Working Group (UCWG) Workshop
from March 22-23, 2022. The two-
day workshop touched upon a wide
array of issues concerning unilateral
conduct in digital markets. The
workshop was a ended by over 200
officers from various compe on
agencies and non-governmental
advisors (NGAs).
(ii) Two officers par cipated virtually in
the ICN Cartel Workshop held from
November 17-19, 2021.
(iii) Three officers par cipated virtually
in the ICN Merger Working Group
Workshop from March 29 to April 1,
2022, organised by the
Administra ve Council for Economic
Defense (CADE), Brazil.
II. BRICS Compe on Authori es:
The Commission par cipated virtually in
the VII BRICS Interna onal Compe on
Conference (ICC), hosted by the State
Administra on for Market Regula on
(SAMR) China, on November 16&17, 2021,
wherein a research report by the BRICS
Compe on Authori es Working Group
on the automo ve sector was released.
Chairperson, CCI, signed the Chengdu Joint
Statement along with the heads of the
BRICS compe on authori es.
III. Organiza on for Economic Co-opera on
and Development (OECD):
(i) CCI has been making regular wri en
contribu ons at various roundtables
during the conferences/mee ngs of
OECD. During the period, CCI
provided wri en contribu ons on
“Purchasing Power and Buyers’
Cartels”, “The Evolving concept of
Market Power in Digital Economy”
and “The Promo on of Compe ve
Neutrality by Compe on
Authori es”.
(ii) Officers par cipated virtually in the
OECD Compe on Week mee ng
and OECD Global Forum on
Compe on held during November
29 to December 8, 2021. CCI also
th
par cipated in the 6 Mee ng of
High-Level Representa ves of Asia-
Pacific Compe on Authori es held
on December 13, 2021
IV. United Na ons Conference on Trade and
Development (UNCTAD):
(i) Dr. Sangeeta Verma, Member, CCI
and Secretary, CCI visited Rome to
par cipate in the Lear Compe on
Fes val and in a session organized by
the UNCTAD during September 21-
23, 2022. Dr. Sangeeta Verma,
Member was one of the speakers in a
session on “Latest Compe on Law
and Policy developments regarding
39
digital markets: the views from key
developing countries” organised by
the UNCTAD.
V. M O U w i t h E u ro p e a n C o m m i s s i o n
Directorate-General for Compe on (DG
COMP):
(I) U n d e r E U I n d i a C o m p e o n
Coopera on Project, 4th EU–India
Compe on Week was organised
virtually from December 13-14,
2021. Mr. Ashok Kumar Gupta,
Chairperson, CCI and Mr. Seppo
Nurmi, Deputy Head of Delega on,
Delega on of the EU to India and
Bhutan, addressed the virtual
mee ng.
VI. Engagements with various Compe on
Authori es/ Interna onal Bodies:
(i) M r . A s h o k K u m a r G u p t a ,
Chairperson, CCI & Mr. Mahammad
Aleem Bocus, Chairperson of the
Compe on Commission of
Mauri us (CCM) signed
Memorandum of Understanding
between CCI and CCM on February
23, 2022.
(ii) A v i r t u a l ex p e r i e n c e - s h a r i n g
programme was organised with
United States Department of
Jus ce (USDOJ) on November 29,
2021 to discuss its inves ga on on
the Visa-Plaid Case and Amazon Art
Poster Case.
(iii) M r . A s h o k K u m a r G u p t a ,
Chairperson, CCI and an officer
par cipated virtually in the G7
Enforcers Summit organised by the
Compe on and Market Authority
(CMA) as part of the UK’s G7
Presidency from November 29-30,
2021.
(iv) M r . A s h o k K u m a r G u p t a ,
Chairperson, CCI and an officer
par cipated in the spring mee ng of
American Bar Associa on, during
 April 6-8, 2022 in Washington, DC.
(v) Delega on comprising Md Abdus
S a b u r, S e c reta r y, B a n g l a d e s h
Compe on Commission (BCC) and
four officers from Bangladesh
Compe on Commission visited CCI
on a 3-day training/ exposure tour
during 9th to 11th May, 2022.
(vi) Director General, CCI along with a
C C I o ffi c e r v i s i te d C a n a d a to
par cipate in the Compe on
Bureau's Compe on & Green
Growth Summit held on September
20, 2022.
(vii) The track lead on Compe on
Chapter from CCI par cipated in the
3rd, 4th and 5th Round of India- UK
Free Trade Agreement nego a ons
held during May 4-6, 2022 in Delhi,
June 21-23, 2022 in London and July
18-21, 2022 (virtually) respec vely.
(viii) The track lead on Compe on
Chapter from CCI par cipated in the
1st Round of India-Canada CEPA for
the Compe on Chapter held on
June 1, 2022 virtually.
(ix) The track lead on Compe on
Chapter from CCI par cipated in the
1st and 2nd round of India-EU Free
Trade Agreement nego a ons held
during June 27-29, 2022 in New Delhi
and October 4-5, 2022 in Brussels,
Belgium respec vely.
40
Major Ac vi es under Azadi Ka Amrit
Mahotsav (AKAM)
• The Commission organized Western
Regional Workshop on “Compe on
Issues in Merger & Acquisi ons” in
collabora on with SVKM’s Pravin Gandhi
College of Law on November 27, 2021 in
hybrid mode.
• The Commission organized Eastern
Regional workshop on “Compe on
Compliance in Public Procurement” on
April 25, 2022 at The Na onal Law
University and Judicial Academy, Assam,
Guwaha in hybrid mode.
• Commemora ng AKAM, CCI celebrated its
13th Annual Day in Physical mode on May
20, 2022 at D.S. Kothari Auditorium, DRDO
Bhawan, New Delhi. The Hon’ble Minister
of Finance & Corporate Affairs, Smt.
Nirmala Sitharaman was the Chief Guest
on the occasion. The event was a ended
by an audience represen ng business and
i n d u st r y, b u re a u c rat s , re g u l ato r y
authori es, chambers of commerce, the
legal fraternity, and academia, among
others.
• The Hon’ble Union Minister of Finance and
Corporate Affairs inaugurated the regional
office at Kolkata on the occasion of CCI
Annual Day on May 20, 2022. This event
marked honour to AKAM.
 Hon’ble minister on occasion of 13th annual day of CCI and inaugra ng CCI regional office at Kolkata

Ms Sayan Chakarabar , Director, ECO Shri Bhagwant Singh Bishnoi Member and
Shri Sanjeet Kumar Office Manager on the occasion of inaugra on of regional office Kolkata

• Taking ac ve part in celebra on of AKAM, Day Event on June 7, 2022 at Vigyan

CCI par cipated in Ministry of Corporate
Affairs (MCA) Iconic Week Celebra on
during June 6-11, 2022. The Commission
set up a Digital Kiosk featuring snippets on
t h e a c v i e s u n d e r t a ke n b y t h e
Commission under AKAM, at MCA Iconic
Bhawan, New Delhi. Hon’ble Minister of
Finance & Corporate Affairs, Smt. Nirmala
Sitharaman and Rao Inderjeet Singh,
Hon’ble MoS visited the kiosk and were
briefed by Chairperson, CCI.

41
 Hon'ble minister visi ng the kiosk and briefed by Chairperson CCI

• CCI Chairperson chaired Technical Session
V tled as ‘CCI – Merger control regime in
India – Promo ng compe ve structures
in markets’ during MCA Iconic Day event
organised at Vigyan Bhawan, New Delhi on
June 7, 2022.
• CCI Chairperson par cipated in the
plenary session on “Reform Measures in
corporate governance, so far and way
forward”, during the MCA Iconic Day event
organized at Vigyan Bhawan, New Delhi on
June 7, 2022.

Hon'ble MoS as Chief Guest in Na onal Conference on Compe on Law

42
• At the date designated to CCI for
commemora on of AKAM, CCI organised
Na onal Conference on Compe on Law
on June 11, 2022 where Rao Inderjeet
Singh, Hon’ble MoS for Corporate Affairs
was the Chief Guest. This event witnessed
huge par cipa on from stakeholders. As a
part of Celebra on, a film on journey of
CCI, advocacy booklets in regional
languages, special issue of CCI’s Newsle er
featuring ac vi es undertaken during
AKAM were released by the Chief Guest.
CCI organized a Na onal Level Quiz and
Essay Compe on marking honour to
AKAM and prize distribu on ceremony
was held also on June 11, 2022.
• Simultaneously with the Iconic Day
programme of CCI under AKAM at Delhi on
June 11, 2022, four ‘Regional Compe on
Advocacy Program’ under AKAM were
organised at Odisha (Eastern Region),
Mumbai (Western Region), Bhopal
(Central Region) and Hyderabad (Southern
Region) by the Officers of CCI in hybrid
mode.
• Shri Ashok Kumar Gupta, Chairperson, CCI,
delivered the keynote address as Chief
Guest in the inaugural session of the
CCI–CII Na onal Conference on
Compe on Law and Prac ce, themed on
“Evolving Compe on Law Framework”, at
the Taj Mahal Palace, Mumbai, on
September 17, 2022, held under AKAM.
• Dr. Sangeeta Verma, Member, CCI, was the
Session Chair and Guest of Honour in
Plenary Session I, themed on “An -Trust
Law—Trends in Focus” at the CCI–CII
Na onal Conference on Compe on Law
and Prac ce, held at the Taj Mahal Palace,
Mumbai, on September 17, 2022, under
AKAM.
• Dr. Sanjay Kumar Pandey, Adviser
(Advocacy Division), CCI, was the Session
Chair in Plenary Session IV, themed on
“Mandate of Advocacy and Stakeholders”
43
at the CCI–CII Na onal Conference on
Compe on Law and Prac ce, held at the
Taj Mahal Palace, Mumbai, on September
17, 2022, under AKAM.
• Ms. Jyo Jindgar Bhanot, Secretary (I/c),
CCI, was the Session Chair in Plenary
Session III, themed on “Leniency,
Se lements and Commitments” at the
CCI–CII Na onal Conference on
Compe on Law and Prac ce, held at the
Taj Mahal Palace, Mumbai, on September
17, 2022.
• Ms. Payal Malik, Adviser (Economics
Division), CCI, was the Session Chair in
Plenary Session V, themed on “Digital
Markets and Emerging Technologies” at
the CCI–CII Na onal Conference on
Compe on Law and Prac ce, held at the
Taj Mahal Palace, Mumbai, on September
17, 2022, under AKAM.
• To further enhance its regional footprints,
the Commission established its Regional
Office in Mumbai on October 6, 2022
which was inaugurated by the Hon’ble
Union Minister of Finance and Corporate
Affairs. This programme was conducted
under the auspices of AKAM.
• Further, this occasion witnessed launching
of upgraded website of CCI which is having
interac ve features and enhanced
facilitates etc.
Advocacy ac vi es
5.7.1 Introduc on
It is a well se led principle that enforcement and
advocacy are twin arms of the compe on law
having supplemental and complemental role
towards building compe on compliant culture
in the country. Sec on 49 (3) of the Compe on
Act, 2002 (Act) mandates the Compe on
Commission of India (Commission/CCI) to take
suitable measures for promo on of compe on
advocacy, crea ng awareness and impar ng
training about compe on issues. The
Commission in pursuance of the advocacy
mandate engages with stakeholders such as
Judiciary, Central & State Governments, Industry,
Academia, Central and State Public Sector
Undertakings (PSUs), Professional Bodies, Trade
Associa ons, Administra ve and Judicial Training
Academies etc.
I. Release of Translated Advocacy Booklets
and Journal
The Commission released Vol. 2 of CCI Journal on
Compe on Law and Policy on April 27, 2022.
Keeping in view to cater the diverse linguis c
popula on, the Commission released advocacy
booklets in Kannada and Malayalam languages
on its Annual Day i.e., May 20, 2022. During the
Na onal Conference on Compe on Law on June
11, 2022, the Commission released advocacy
booklets in Assamese, Bengali and Gujra . The
Advocacy Booklets in Punjabi and Urdu were
released on October 06, 2022. Till October 31,
2022, the advocacy booklets have been
translated in Hindi and 11 regional languages i.e.
Assamese, Bengali, Gujra , Kannada, Malyalam,
Marathi, Odia, Punjabi, Tamil, Telegu, and Urdu.
During the opening of Regional Office of CCI in
Mumbai, the Commission released a pictorial e-
publica on tled “Compe on Commission of
India - A Journey Through the Years, 2009 – 2022”,
which documents the forma ve years of CCI and
takes stock of the various measures, events and
ac ons that have helped shape this journey.
II. Other Advocacy Ac vi es
• The Commission conducts a monthly
internship programme for students of law,
economics, management, regulatory
governance, and professional courses
whereby the interns conduct research on
the relevant issues of compe on law,
under the mentorship of officers of the
Commission.
44
• State Governments are an important
stakeholder in the compe on ecosystem.
In order to take compe on advocacy
forward at the state level, CCI introduced
the State Resource Person Scheme (SRP
Scheme). Under the scheme, one/two
re red officers from the State
Government are appointed by the
Commission as SRP. These officers
disseminate awareness on compe on
law by impar ng training and organizing
workshops in their respec ve States for
the procurement officers of various State
Departments/PSUs.
• To reach out to a wide spectrum of
stakeholders of compe on law in an
effec ve manner, the Commission
conducted a total of 149 compe on
advocacy programmes specific to the
needs of stakeholders. Programme for
students of law, economics, management,
regulatory governance, and professional
courses whereby the interns conduct
research on the relevant issues of
compe on law, under the mentorship of
officers of the Commission.
Presence on Social Media
5.8.1 In the Commission’s con nuous endeavors
to reach out to wide spectrum of stakeholders
and maintain its visibility. The Commission now
has presence on top five important social media
pla orms i.e., Twi er, YouTube, LinkedIn,
Facebook and Instagram. The regular posts
regarding Commission’s recent orders, advocacy
programmes, informa ve posts and other
ac vi es of the Commission are being uploaded
regular basis. Our reach is growing gradually and
we are ge ng followers/subscribers on our
social media pla orms.
 CHAPTER-VI
THE INSOLVENCY AND BANKRUPTCY CODE, 2016
Overview
6.1.1 Economic growth is associated with
expanding credit as demand of financial services
increase. Bank credit finances capital forma on
in the economy and increases produc on and
consump on further s mula ng the economic
growth. However, while an economy expands
and so does the bank credit, the problem of Non-
Performing Assets (NPAs) is also seen to emerge.
Corporate insolvencies and liquida ons are a
common feature of liberal market economies.
When certain corporates fail, they are either
acquired/ merged/amalgamated by compe tors
or liquidated and assets sold to recover creditors’
dues. Corporate failures also mean rising NPAs of
the banking sector. Banks have to deal with
borrowers who are unable to service their debts
and therefore, have to employ procedures to
take over and realise the collateral. Addressing
unsustainable levels of NPAs is key to preserve
financial stability and is an important element of
an integrated development agenda of a na on.
6.1.2 A sound legal and regulatory framework
for resolu on of financially distressed companies
and a strong secondary market for distressed
assets are key to deal with NPAs successfully. The
Government and the RBI have been working
together to comprehensively address the
challenge through a mul -pronged approach
aimed at strengthening the legal, regulatory,
supervisory and ins tu onal framework with the
ul mate objec ve of facilita ng quick resolu on
of stressed assets in a me-bound manner.
Erstwhile framework in India
6.2.1 Several a empts were made in the past to
provide a legal and ins tu onal machinery for
dealing with debt defaults. These a empts,
however, had not kept pace with the changes in
the Indian economy. While provisions for
recovery ac on by creditors were available
through the Indian Contract Act, 1872, special
45
laws such as the Recovery of Debts and
B a n k r u p tc y A c t , 1 9 9 3 ( R D BA ) a n d t h e
Securi sa on and Reconstruc on of Financial
Assets and Enforcement of Securi es Interest
Act, 2002 (SARFAESI), did not yield desired
outcomes. Further, ac on through the Sick
Industrial Companies (Special Provisions) Act,
1985 (SICA) and the winding-up provisions under
the CA-56 were not proving to be very helpful for
either recovery by lenders or restructuring of
firms. The laws dealing with individual
insolvency, namely, the Presidency-Towns
Insolvency Act, 1909 and the Provincial
Insolvency Act, 1920, were also archaic and not
suitable to the changing needs of the me. This
hampered confidence of lenders and
consequently debt market. While secured credit
from banks was predominant form of credit, the
corporate debt market was yet to develop.
‘Twin Balance Sheet’ problem
6.3.1 I n t h e b a c kd r o p o f t h e s e r a t h e r
unsuccessful experiments, the stressed assets in
the banking system reached unacceptably high
levels by the end of 2015. By September, 2016, it
reached about 9 per cent of gross loans of all
banks and 12 per cent of gross loans of public
sector banks, which accounted for more than 80
per cent of total NPAs. On the corporate side,
major companies were opera ng with interest
coverage ra o of less than 1, implying inability to
service debt obliga ons. Thus, what emerged is
popularly referred to as the ‘Twin Balance Sheet’
problem where the banks were reeling under the
stress of bad loans and corporates were unable to
service their debt.
6.3.2 With me, it was deemed expedient to
make the resolu on of unviable en es effec ve,
easily accessible and provide for ease of exit for
firms. The need for a comprehensive legisla on
arose eventually, which led to the enactment of
the IBC
Bankruptcy Law Reforms Commi ee
6.4.1 A Bankruptcy Law Reforms Commi ee
(BLRC) was cons tuted to study the legal
framework for corporate bankruptcy in India and
based on its recommenda ons with slight
modifica ons as suggested by Joint
Parliamentary Commi ee in its April 2016
Report, the Code came into being on May 28,
2016.
Applicability and Ecosystem of the Code
6.5.1 The Code provides a legisla ve framework
for insolvency resolu on of (i)Companies under
the CA-13, limited liability partnerships under the
Limited Liability Partnership Act, 2008 or any
other person incorporated with limited liability
under any law (excluding financial service
providers); and (ii)individuals, including personal
guarantors to corporate debtors, partnership
firms and proprietorship firms and individuals
other than personal guarantors to corporate
debtors. The provisions rela ng to insolvency
resolu on and liquida on of corporates and
insolvency resolu on and bankruptcies of
personal guarantors to corporate debtors have
been no fied ll date. Further for the
development of a robust insolvency resolu on,
Insolvency Law Commi ee (ILC) iden fies
the gaps in the framework and recommends
correc ve measures. Some key
recommenda ons given by the 5th ILC Report
include manda ng reliance on informa on
u li es (IUs) for establishing default, the meline
for approval or rejec on of resolu on plan by the
Adjudica on Authority, and standard of conduct
of the Commi ee of Creditors (CoC).
46
6.5.2 Further, the framework for insolvency and
liquida on of Financial Service Providers (FSPs)
other than Banks have been no fied with effect
from November 15, 2019.
6.5.3 The Code has created a cohesive and
comprehensive ecosystem since its enactment in
2016 that cements the processes and the service
providers together towards the achievement of
its objec ves in a me bound manner. The four
pillars of the Code are as follows:
(i) IPs, who are the regulated and licensed
professional, responsible for managing
and overseeing the efficient working of the
insolvency, liquida on and bankruptcy
processes.
(ii) I U s , a r e r e g u l a t e d a n d l i c e n s e d
repositories of informa on who store facts
about lenders and terms of lending in
electronic database and eliminate delays
and disputes about facts when default
does take place.
(iii) Adjudica ng Authority (AA), namely, NCLT
acts as the forum where corporate
insolvency is heard and Debt Recovery
Tr i b u n a l ( D R T ) w h e r e i n d i v i d u a l
insolvencies are heard.
(iv) Regulator, IBBI which has regulatory
oversight over the IPs, IPAs and IUs and has
the responsibility for specifying the
regula ons for various processes under
the Code.
6.5.4 The Table 6.1 below lists the complete
ecosystem available under the Code:
 Table 6.1: Ecosystem under the Code
Appellate Authority
Adjudica ng Authority
Regulator
Service Providers: As on September 30, 2022
Informa on U li es
Insolvency Professional Agencies
Insolvency Professionals
Insolvency Professional En es
Registered Valuer Organisa ons
Registered Valuers
Registered Valuer En es
Role of Insolvency and Bankruptcy Board
of India
6.6.1 IBBI, established on October 1, 2016 in
accordance with the Code, is a body corporate
having perpetual succession. It is a key pillar of
the ecosystem responsible for implementa on of
the Code. It is a unique regulator; regulates
service providers as well as transac ons. It has
regulatory oversight over IPs, IPAs, IUs, RVs, and
RVOs. It lays down regula ons to govern
transac ons, namely, Corporate Insolvency
Resolu on Process, Corporate Liquida on,
Individual Insolvency, and Individual Bankruptcy
under the Code and enforces the Code, rules and
regula ons made thereunder. The current
composi on of IBBI is annexed at Annexure VIII.
Amendments made to Insolvency and
Bankruptcy Code, 2016
6.7.1 The Government has cons tuted an
Insolvency Law Commi ee (now, func oning as a
Standing Commi ee), which has been constantly
examining the challenges arising during the
implementa on of the Code and making
recommenda ons for its smooth
implementa on toward realizing its objec ves.
Based on the recommenda ons of the
Commi ee and examina on within the Ministry,
and requirements of the emerging market
reali es and emerging jurisprudence, six sets of
amendments have been carried out in the Code
ll date.
Na onal Company Law Appellate Tribunal
Na onal Company Law Tribunal
Insolvency and Bankruptcy Board of India
01
03
4,175
96
16
4,973
73
6.7.2 Important amendments made in the Code
include providing ineligibility of persons to
submit a resolu on plan; exemp ng applicability
of certain provisions for submission of resolu on
plan in respect MSMEs corporate debtors;
clarifying the status of homebuyers; introducing
majority rule for the class of creditors; protec ng
last mile funding; ensuring the supply of goods or
services which are cri cal to protect and preserve
the value of the corporate debtor and manage its
opera ons as a going concern; manda ng the
minimum number of persons required to file an
applica on in certain cases; providing immunity
in respect of offenses commi ed by the
corporate debtor on approval of the resolu on
plan; providing a suspension of filing of
applica ons under Sec ons 7, 9 and 10 of the
Code in respect of default commi ed during the
period of suspension; and introducing pre-
packaged insolvency resolu on process
framework for MSME corporate debtors.
Cross Border Insolvency
6.8.1 Government has taken ini a ve to
introduce a chapter on cross border insolvency
within the Insolvency and Bankruptcy Code, 2016
to provide a legal comprehensive framework,
considering the fact that corporates transact
businesses in more than one jurisdic on and also
have assets across many jurisdic ons. The Report
of the ILC on cross border has been submi ed on
47
October 16, 2018 a er dra publica on and
consulta on with various stakeholders. The
report recommends adop on of UNCITRAL
Model Law with necessary carve outs in Indian
context. Further, public comments were invited
on Dra Part Z of the ILC Report, October 2018
along with proposed modifica ons vide no ce
dated November 24, 2021. Based on the
comments/ sugges ons received from the public
and other stakeholders, the proposed provisions
of cross-border insolvency under the Code, are
under examina on of this Ministry.
Evolu on of IBC, 2016
6.9.1 The journey of consolida on of the IBC
along with its amendments and relevant rules
can be found in Table 6.2 and Table 6.3
respec vely.

Table 6.2
Important dates pertaining to Insolvency and Bankruptcy Code, 2016
Sl. No. Event Date
1. Submission of BLRC Report November 4, 2015
2. IBC passed by the Parliament May 5, 2016
3. Assented by the President May 28, 2016
4. Date of No fica on of various provisions under the Act (has been done in stages)
i. Sec on 188 to 194 (Establishment and Incorpora on of Board) August 5, 2016
ii. Establishment of IBBI October 1, 2016
iii. Provisions rela ng to power and func ons of IBBI November 1, 2016
iv. Provisions rela ng to IPA November 15, 2016
v. Provisions rela ng to CIRP November 30, 2016
vi. Provisions related to liquida on December 9, 2016
vii. Provisions of Voluntary liquida on, IU and Cross - Border Insolvency March 30, 2017
viii. Fast Track Corporate Insolvency Resolu on Process June 14, 2017
5. IBC (Amendment) Ordinance, 2017 November 23, 2017
6. IBC (Amendment) Act, 2018 January 18, 2018
7. 1st Report of ILC March 26, 2018
8. IBC (Amendment) Ordinance, 2018 June 6, 2018
9. IBC (Second Amendment) Act, 2018 August 17, 2018
10. 2nd ILC Report on Cross Border Insolvency October 16, 2018
11. IBC (Amendment) Act, 2019 August 16, 2019
12. Provisions rela ng to resolu on of insolvency and bankruptcy of personal December 1, 2019
guarantors to corporate debtors
13. IBC (Amendment) Ordinance, 2019 December 28, 2019
14. IBC (Amendment) Act, 2020 March 13, 2020
15. 3rd Report of ILC February 20, 2020
16. IBC (Amendment) Ordinance, 2020 June 5, 2020
17. IBC (Second Amendment) Act, 2020 September 23, 2020
18. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 April 4, 2021

48
 Sl. No. Event Date
19. 4th ILC Report (on Pre-packaged Insolvency Resolu on Process) July 16, 2021
20. CBIRC Report on Cross Border Rules and Regula ons June 15, 2021
21. The Insolvency and Bankruptcy Code (Amendment) Act, 2021 August 12, 2021
22. CBIRC Report on Group Insolvency December 10, 2021
23. 5th Report of ILC May 20, 2022

Table 6.3
Rules made under the IBC, 2016
Sl. Event Relevant Provision Date of Issue Updated on
No. of the Code
1. Insolvency and Bankruptcy Clauses (c), (d), (e) and (f) of sub-sec on (1) of November 30, September 24,
(Applica on to Adjudica ng Sec on 239 read with Sec ons 7, 8, 9 and 10 2016 2020
Authority) Rules, 2016 of the Insolvency and Bankruptcy Code, 2016.
2. IBBI (Form of Annual Clause (zh) of sub- sec on (2) of Sec on 239 May 1, 2018 N.A.
Statement of Accounts) read with sub- sec on (1) of Sec on 223 of the
Rules, 2018 Insolvency and Bankruptcy Code, 2016.
3. IBBI (Annual Report) Clause (zm) of sub-sec on (2) of Sec on 239 May 1, 2018 September 16,
Rules, 2018 with sub - sec on (1) of Sec on 229 of the 2020
Insolvency and Bankruptcy Code, 2016
4. IBBI (Medical Facility to Clause (zd) of sub- sec on (2) of Sec on August 5, 2019 N.A.
Chairperson and Whole 239 read with sub - sec on (5) of Sec on
Time Members) Scheme 189 of the Insolvency and Bankruptcy
Rules, 2019 Code, 2016
5. IBBI (Salary, allowances Clause (zd) of subsec on (2) of Sec on August 29, January 9,
and other terms and 239, read with sub - sec on (5) of Sec on 2016 2020
condi ons of service of 189 of the Insolvency and Bankruptcy
Chairperson and Members) Code, 2016.
Rules, 2016
6. Insolvency and Bankruptcy Sec on 227 read with clause (zk) of November 15, N.A.
(Insolvency & Liquida on sub-sec on (2) of Sec on 239 of the 2019
proceedings of Financial Insolvency and Bankruptcy Code, 2016.
Service Providers and
Applica on to Adjudica ng
Authority) Rules, 2019
7. Insolvency and Bankruptcy Sub-sec on (1), clauses (g), (h), (I), (m), November 15, N.A.
(Applica on to adjudica ng (n) and (o) of sub-sec on (2) of Sec on 2019
authority for insolvency 239 read with clause (e) of Sec on 2
resolu on process for and sub - sec on (2), clauses (c) and (e)
personal Guarantors to of sub-sec on (14) and clause (e) of
Corporate Debtors) Rules, sub-sec on (15) of Sec on 79 of the
2019 Insolvency and Bankruptcy Code, 2016.
8. Insolvency and Bankruptcy Sub-sec on (1) and clauses (p), (q), (r), November 15, N.A.
(Applica on to adjudica ng (s), (t), (u), (v), (w), (x), (y), (z), (za), (zb) 2019
authority for Bankruptcy and (zc) of sub- sec on (2) of Sec on
process for personal 239 read with clause (e) of sec on 2 and
Guarantor to Corporate sub-sec on (2), clauses (c) and (e) of
Debtor) Rules, 2019 sub-sec on (14) and clause (e) of sub-
sec on (15) of Sec on 79 of the
Insolvency and Bankruptcy Code, 2016.

49
 Sl. Event Relevant Provision Date of Issue Updated on
No. of the Code
9. The Insolvency and Sub-sec on (1) and clause (fd) of April 9, 2021 N.A.
Bankruptcy (pre-packaged sub-sec on (2) of sec on 239 read
insolvency resolu on with sub-sec on (2) of sec on 54C of
process) Rules, 2021 the Insolvency and Bankruptcy Code,
2016.

Regula ons made under the IBC, 2016

6.10.1 There are total 18 regula ons in place, out of which 13 regula ons are directly related to the
opera on of provisions under IBC, 2016 and 5 regula ons relate to the internal func oning of the IBBI.

Table 6.4
Regula ons made under the IBC, 2016
Sl. Event Relevant Provision Date of Issue Updated on
No. of the Code
1. IBBI (Insolvency Professional Sec ons 196, 201, 202, 219, and 220 November 21, July 4, 2022
Agencies) Regula ons 2016 read with Sec on 240. 2016
2. IBBI (Model Byelaws and Sec ons 196, 203 and 205 read with November 21, July 22, 2021
Governing Board of IPAs) Sec on 240 2016
Regula ons, 2016
3. IBBI (Insolvency Professionals) Sec ons 196, 207 and 208 read with November 23, September 20,
Regula ons, 2016 Sec on 240 2016 2022
4. IBBI (Insolvency Resolu on Sec ons 5, 7, 9, 14, 15, 17, 18, 21, 24, November 30, September 20,
Process for Corporate 25, 29, 30, 196 and 208 read with 2016 2022
Persons) Regula ons, 2016 Sec on 240
5. IBBI (Liquida on Process) Sec ons 37, 38, 39, 40, 41, 43, 45, 49, December 15, September 16,
Regula ons, 2016 50, 51, 52, 54, 196 and 208 r/w Sec on 2016 2022
240
6. IBBI (Voluntary Liquida on Sec ons 59, 196 and 208 read with March 31, September 16,
Process) Regula ons, 2017 Sec on 240 2017 2022
7. IBBI (Inspec on and Sec ons 196, 217, 218, 219, 220 read June 14, June 14, 2022
Inves ga on) Regula ons, with Sec on 240 2017
2017
8. IBBI (Informa on U li es) Sec ons 196, 209, 210, 211, 212, 213, September 29, September 20,
Regula ons, 2017 214, 215, 216 read with Sec on 240 2017 2022
9. IBBI (Fast Track Insolvency Sec ons 58, 196 and 208 read with October 5, February 7,
Resolu on Process for Sec on 240 2017 2018
Corporate Persons)
Regula ons, 2017
10. IBBI (Grievance and Complaint Sec ons 196, 217, read with Sec on 240 December 7, June 14, 2022
Handling Procedure) 2017
Regula ons, 2017
11. IBBI (Bankruptcy Process for Clause (t) of sub sec on (1) of Sec on November 20, N.A.
Personal Guarantors to 196, and clauses (zr) and (zs) of 2019
Corporate Debtors) sub-sec on (1) of Sec on 240 read with
Regula ons, 2019 clause (e) of Sec on 2 and Sec on 60

50
 Sl. Event Relevant Provision Date of Issue Updated on
No. of the Code
12. IBBI (Insolvency Resolu on Clause (t) of sub- sec on (1) of Sec on November 20, N.A.
.Process for Personal 196, sub-sec on (1) and clauses (zn), 2019
Guarantors to Corporate (zo), (zp) and (zq) of sub-sec on (2) of
Debtors) Regula ons, 2019 Sec on 240 read with clause (e) of
Sec on 2 and Sec on 60
13. IBBI (Pre-packaged Insolvency Sec ons 196, 208 and 240 read with April 9, 2021 N.A.
Resolu on Process) provisions of Chapter III-A of Part II of
Regula ons, 2021 the IBC, 2016
Regula ons made for internal func oning of the Board
14. Insolvency and Bankruptcy Sec on 240 January 31, July 23, 2019
Board of India (Engagement 2017
of Research Associates and
Consultants) Regula ons,
2017
15. IBBI (Advisory Commi ee) Sec on 197 read with Sec on 240 January 31, N.A.
Regula ons, 2017 2017
16. IBBI (Procedure for Governing Sec on 192(1) read with Sec on 240 January 31, July 23, 2019
Boards Mee ngs) Regula ons, 2017
2017
17. IBBI (Employees' Service) Sub-sec ons (2) and (3) of Sec on 194 August 24, July 6, 2022
Regula ons, 2017 read with Sec on 240 2017
18. IBBI (Mechanism for Issuing Clause(s) of sub- sec on (1) of Sec on October 22, N.A.
Regula ons) Regula ons, 196 r/w Sec on 240 2018
2018

Six Years of IBC
6.11.1 Since the coming into force of the
provisions of CIRP with effect from December 1,
2016, 5,890 CIRPs have been ini ated ll
September 30, 2022. Of these, 846 have been
closed on appeal or review or se led or others;
740 have been withdrawn under Sec on 12A;
1,807 have ended in liquida on, 553 have ended
in approval of resolu on plans and for remaining
the process is ongoing.
6.11.2 A total of 553 CIRPs have ended in
resolu on with different degrees of recovery ll
September 30, 2022. It is important to note that
about 35% of CIRPs ending in orders of resolu on
were earlier under BIFR or not going concerns. In
these 553 CIRPs, the realiza on by all creditors in
comparison to liquida on value in respect of the
CD is 178 % and realiza on by them in
comparison to their admi ed claims is 30.80%.
6.11.3 A total of 1,807 CIRPs have ended with
orders for liquida on ll September 30, 2022. It is
important to note that about 76% of the CIRPs
ending in orders for liquida on were earlier with
BIFR and or defunct (excluding the cases, where
data is not available). The economic value in most
of these CDs had already eroded before they
were admi ed into CIRPs.
6.11.4 By September 30, 2022, a total of 23,417
companies have resolved stress a er
applica ons were filed but before their
admission. These involved an aggregate amount
of ₹ 7,31,472.77 crore. Many companies are
resolving stress even before filing applica on for
which data are not available. However, as per
available indica on stress accounts becoming
standards accounts serves as potent indicator
about reduc on in stress levels.
6.11.5 In 809 CIRP cases Resolu on Professional

51
has reported preferen al, undervalued,
fraudulent and extor onate transac ons
involving total amount of Rs. 2,28,932 crores as
on September 30, 2022.
6.11.6 By September 30, 2022, 1351 corporate
debtors have filed for voluntary liquida on out of
which in 814 cases final reports have been
submi ed. Further, orders for dissolu on in
respect of 408 voluntary liquida ons have been
passed.
6.11.7 As part of the Iconic Day Celebra ons of
MCA, under Azadi ka Amrit Mahotsav (AKAM) on
June 7, 2022, at New Delhi, various ac vi es
were conducted by the IBBI including:
• Panel Discussion on ‘Five years of
Insolvency and Bankruptcy Code, 2016:
Achievements and Way Forward’.
• Release of Book tled ‘Insolvency: Now
and Beyond’ in associa on with Foreign
Commonwealth Development Office UK.
• Distribu on of Awards to the top three
winners of the Na onal Quiz on IBC.
52
• Se ng up of an IBBI Kiosk in the Exhibi on
Area in Vigyan Bhawan, New Delhi.
The IBBI organised a Conference on
‘Entrepreneurship Liberty: Freedom of Entry,
Compe on and Exit’ at New Delhi on June 10,
2022. Since the beginning of AKAM celebra ons
by the Hon’ble Prime Minister Shri Narendra
Modi, on March 12, 2021, the IBBI organised a
large number of ac vi es and events as part of
AKAM. To mark a befi ng conclusion of the
celebra ons across 75 loca ons spread
throughout the country, the IBBI organised this
one day iconic event on June 10, 2022 at the India
Habitat Centre, New Delhi to trace the journey of
reforms in the said three stages. Hon’ble Jus ce
Ashok Bhushan, Chairperson, NCLAT graced the
occasion as Chief Guest. Shri Rajesh Verma,
Secretary, MCA; and Shri Ashok Kumar Gupta,
Chairperson, CCI a ended the event as Guests of
Honour. The Conference was followed by a half
day Insolvency Professionals Conclave.
 CHAPTER-VII
TOWARDS INTERACTIVE AND RESPONSIVE ADMINISTRATION
MCA21 e-Governance Project
7.1.1 MCA has been opera ng the end-to-end
e-Governance project MCA21 for registry and
company incorpora on related services. The
project is implemented in the offices of Registrar
of Companies (ROCs), RDs, MCA HQ and Official
Liquidators (OLs).
7.1.2 The MCA21 System provides the
stakeholders convenient, easy to use and secured
access & delivery to all MCA services and
improved speed and certainty of services sought.
It brought about transparency, quickness, and
efficiency in the func oning of the Ministry.
7.1.3 There is a need for providing excellent
services to stakeholders and Ministry is
con nuously making efforts to introduce best
prac ces in the online delivery of services.
Sustained efforts have resulted in recogni on of
MCA21 as a successful Mission Mode Project of
Na onal e-Governance Plan (NeGP). The portal is
regarded as a live model for transforma on of
tradi onal paper-based systems into a paperless
system through the use of latest informa on
technology. Consequently, hardware and
a p p l i ca o n u p - g ra d a o n w i t h u p d ate d
technology has already been completed at all
offices of RoC, RD and at HQ.
Significant Updates
7.2.1 Integra on of Shops and Establishment,
Delhi registra on with SPICe+ form
For the first me registra on of Shops and
Establishment for companies ge ng
incorporated in NCT of Delhi will now be
mandatorily provided through SPICe+ form from
June 7, 2021. With this integra on, the total
number of services provided through SPICe+
form are as follows:
• Name reserva on
• Incorpora on
53
• DIN allotment
• Mandatory issue of PAN
• Mandatory issue of TAN
• Mandatory issue of EPFO registra on
• Mandatory issue of ESIC registra on
• Mandatory issue of Profession Tax
registra on (Maharashtra, Karnataka
and West Bengal)
• Mandatory Opening of Bank Account for
the Company
• Allotment of GSTIN (if so, applied for) and
• First me registra on of shops and
establishment for all new companies
ge ng incorporated in Delhi.
This has resulted in significant reduc on in
procedures, me and cost for Star ng a Business
in India.
7.2.2 MCA21 Version 3.0:
MCA21 portal was launched in 2006 with the aim
to digi ze corporate filings and to improve
compliance. Since then, several changes have
taken place to improve the ease of doing business
and for strengthening Corporate Governance.
The 2nd itera on of MCA21 Portal started from
the year 2013 and con nued ll 2020. MCA21
Version 3.0 is now being launched in phases.
Phase 1 of MCA21 Version-3 was launched on
May 24, 2021 with the revamped website, eBook
and e-Consulta on Module. The new website
incorporates the latest UI/UX developments to
enhance the user naviga on and informa on
accessibility. The eBook Module covers all Acts
administered by the MCA in an easy to navigate
manner. The sec ons of the Acts are linked with
rules and circulars to seamlessly provide the
required informa on on the same page. The e-
Consulta on Module envisages leveraging
technology to enhance policymaking. The user
feedback analysed through the use of AI/ML
techniques would hold in deriving meaningful
inference that can guide the decision-making.
Learning Management System (LMS) was
launched on October 15, 2021 with the following
features:
• Defined and customized training &
development curriculum for BO users
• Training to be delivered through mul ple
modes/ channels such as classroom
training, virtual live training, webinars,
etc.
• Pre training and post training assessment
to measure the impact of training
• Tracking of learning path and progress of
the candidates
• Genera on of reports pertaining to
trainings launched, number of
par cipants, overall performances,
evalua on, etc.
• Tailor-made content for the trainings
categorized based on the proficiency
level of the user and covering both
technical as well policy related subjects
such as Companies Act, 2013 and LLP Act,
2008.
• Mul ple forms of training content such
as text, documents, audio, video,
simula ons, etc.
• Provision for collec ng feedbacks of
t ra i n e e s o n t h e m o d u l e a n d i t s
func onali es.
• Alerts and no fica ons with respect to
pending, completed or upcoming
trainings.
LLP Module was launched on March 8, 2022 to
cater to compliance related to LLP Act, 2008. This
54
module was rolled out with significant changes in
the filing system for MCA21 portal. A new and
improved login system was launched for filing of
forms. All the forms were made web-based that
allowed real me data valida on and prefills.
Changes were also done to reduce number of
forms. LLP Forms 3, 4, and 5 can now be filed
either as linked form or as standalone. LLP Form
28 & 29 were merged as one form i.e. LLP Form
28. FiLLiP form for incorpora on of LLPs is now
linked with LLP Form 9, 17 & 18. PAN/TAN has also
now been integrated with FiLLiP. The MCA21
Version 3.0 services have also been integrated
with BharatKosh payment system to allow
seamless payment experience for stakeholders.
The 1st lot of Company Module [Charge forms,
Deposit forms & DIR-3 KYC forms] was rolled out
to limit users on August 29, 2022 and to all users
on September 1, 2022.
The remaining modules including, e-
Adjudica on, enforcement and Compliance
Management System, are under various stages of
development.
7.2.3 Launch of IEPF website and CSR website:
MCA launched the IEPF website and CSR website
on March 22, 2022 and March 31, 2022,
respec vely with the aim to enhance the
accessibility and experience to end user. The new
website u lized latest state of the art UI/UX
elements to provide easier naviga on and ease
of access to informa on.
Opera onal Sta s cs
7.3.1 The opera onal sta s cs of MCA21
highlight the performance and stability of the
system, increased volume of filings, leading to
greater ser vice deliver y and improved
compliance, as given below at Table 7.1:
 Table 7.1
Filing Status for the period November 1, 2021 to October 31, 2022
Sl. No. Descrip on 01.11.2021 to 31.10.2022
(1) (2) (3)
1. Total filings through system 82,75,693
2. No. of companies registered online 1,71,852
3. Total DIN issued 3,91,119
4. Company records viewed online 41,65,322
5. No. of balance sheets filed 15,98,894
6. No. of annual returns filed 12,25,219
7. Total e-stamp fee collected (₹ in crores) 223
8. No. of registered users on the portal 19,51,020

Efficiency in Service Delivery under MCA21

7.3.2 There has been a significant improvement in the turnaround me for delivery of services in MCA21
project which is as under at Table 7.2:

Table 7.2
Efficiency in Service Delivery under MCA21 Service Metrics
Type of Service Prior to MCA21 A er MCA21 A er CRC(Average Days)
(1) (2) (3) (4)
Name Approval 7 days 1-2 days 0.3 days
Company Incorpora on 15 days 1-3 days 0.6 days
Change of Name 15 days 3 days 3 days
Charge Crea on/Modifica on 10-15 days Instantaneous Instantaneous
Cer fied Copy 10 days 2 days 2 days

7.3.3 The registra on of other documents has been given in Table 7.3 below
Table 7.3
Registra on of Other Documents
Type of Service Prior to MCA21 A er MCA21
(1) (2) (3)
Annual Return 60 days Instantaneous
Balance Sheet 60 days Instantaneous
Change in Directors 60 days Instantaneous
Change in Regd. Office Address 60 days 1-3 days
Increase in Authorized Capital 60 days 1-3 days
Inspec on of Public Documents Physical appearance Online

55
Corporate Data Management
7.4.1 CDM is a Central Sector Scheme ini ated by
the Ministry in the financial year 2015-16. It
envisages to create an in-house data mining and
a n a l y c s fa c i l i t y w i t h t h e o b j e c ve o f
dissemina ng corporate sector data in a
structured manner. It provides a forward linkage
to MCA21 data repository by fetching data in a
transac onal system into a data warehouse
system. The objec ves of CDM include: a)
dissemina ng sharable informa on, in unit-level
format and tabular forms; b) sharing of
customized informa on for policy making and
regulatory processes of MCA as well as other
government departments, regulatory bodies,
enforcement agencies; and c) enhancing and
ins tu onalizing Ministry’s in-house capabili es
for corporate data mining and Informa on
Management to support decision making.
7.4.2 This project is contemplated to generate
various sta s cal reports using me series data,
cross-sec on data, panel data, etc. on Indian
Corporate Sector Performance. In addi on, this
project has been expanded to facilitate
monitoring of compliance and regula on by the
Table 7.4
Details of IAPs conducted during the years 2017-18 to 2022-23 ( ll October 30, 2022)
Financial Year By Professional Ins tutes
(1) (2)
2017-18 357
2018-19 796
2019-20 101
2020-21 997
2021-22 2,485
2022-23 3,995
Total 8,731
7.5.2 The investor awareness van programme
named as “Niveshak Saarthi” of IEPFA for remote
/ semi-urban and rural areas was ini ated from
Srinagar. To ensure inclusive financial growth and
create awareness among people residing in far-
flung areas, an awareness programme using
56
Ministry. CDM has emerged as a Business
Intelligence & Decision aiding pla orm for MCA.
7.4.3 The annual statutory filings (in electronic
mode) of companies since the year 2006-07 up to
November 2022 have been updated in the CDM
Data Warehouse.
Investor Educa on and Protec on Fund
Authority
7.5.1 IEPFA organised its first Investor
Ed u c a o n , A w a re n e s s , a n d P ro t e c o n
Conference for Union Territory of Jammu &
Kashmir at Sher-i-Kashmir Interna onal
Conven on Centre (SKICC) Srinagar, on October
28, 2022. The Conference was inaugurated by
Rao Inderjit Singh Hon’ble Union Minister of
State for the Ministry of Corporate Affairs, who
graced the occasion as the Chief Guest. During
the inaugural session, Chief Guest Rao Inderjit
Singh and Guest of Honour Dr Farooq Abdullah
released various major endeavours/ ini a ves of
IEPFA under its mandate of promo ng investor
awareness and protec on against fraudulent
schemes. The details of Investor Awareness
Programmes (IAPs) conducted during the years
2017-18 to 2022-23 are as under:
By CSC e-Governance Total
(3) (4)
5,519 5,876
26,843 27,639
11,624 11,725
4,034 5,031
10,966 13,451
- 3,995
58,986 67,717
mobile vans has been launched with the concept
of “IAP on wheels”. Two Mobile Vans were
flagged off by the Hon’ble MoS Rao Inderjit Singh
in Srinagar, 55 such Vans would be covering 19
States of the country.
7.5.3 “Niveshak Didi” is a unique endeavour of
the Authority and India Post Payments Bank to
p ro m o te investo r ed u ca o n by fem a le
postmasters, commonly known as women
Gramin Dak Sevak (GDS). 1084 awareness
programmes are to be conducted by these
Niveshak Didis for IEPFA pan India.
7.5.4 IEPFA collaborated with ICAI and signed
an MoU on 6th October 2022 to make aware the
educated but unaware segment of society about
the financial literacy. In this financial Year ICAI will
be conduc ng 1200 IAPs in various ci es wherein
more than 1,20,000 ci zens would be educated
about savings, banking and investments.
7.5.5 IEPFA and the Na onal Council of Applied
Economic Research (NCAER), on the occasion of
6th Founda on Day of IEPFA, organised a
seminar to promote financial literacy and
investor awareness and protec on among
investors.
7.5.6 With the objec ve to make the present
and prospec ve stakeholders understand about
IEPFA, its mandate, ini a ve for public interest
and roadmap ahead for investors’ awareness, a
customized my stamp with face value of Rs.5 was
released by the Hon’ble Finance & Corporate
Affairs Minister Smt. Nirmala Sitharaman.
7.5.7 IEPFA, signed a Memorandum of
Understanding (MoU) with Indira Gandhi
Na onal Open University (IGNOU) through a
virtual event on January 12, 2022. The objec ve
for signing the MoU is to achieve the mandate of
Investor Educa on, Awareness and Protec on by
u lising the tele-lecturing facility of Gyan
Darshan Channel.
7.5.8 Prasar Bhara conducted a DD Conclave
on Union Budget on February 28, 2022, at
Chennai. The objec ve of the post-budget
conclave was to help viewers understand about
various ci zen centric aspects of Union Budget
2022 highligh ng topics like ‘Peoples Budget-
Venturing into Amrit Kaal’, ‘Green Budget-A step
towards Atma Nirbhar Bharat’. Many Union
Ministers including Hon’ble Finance Minister
Smt. Nirmala Sitharaman and Hon’ble Minister
for Informa on & Broadcas ng Shri Anurag
57
Thakur and people from the related industry
par cipated in the Conclave.
7.5.9 The first of its kind Na onal Pledge as
Investor Oath was conceptualized and was
released on IEPFA Iconic Day by the Hon’ble
Minister of Corporate Affairs. The Investor oath
was observed in hybrid mode at Vigyan Bhawan
along with 75 unique and 150 overall loca ons
(Center of ICSI, ICAI, ICOAI, RD & RoC offices);
along with at the Screen installed at Vigyan
Bhawan simultaneously to display Jan-Bhagidari
at Pan India level.
7.5.10 IAPs have been conducted in 117 districts
of 28 states of this financial year ll now wherein,
7 lakh ci zens have par cipated in IAPs. Thereby,
comple ng the target of 15000 IAPs pledged by
CSC e-Gov under the running project assigned to
the organisa on. IAPs, with a special focus on
women, farmers, and marginalized sec ons. IAPs
were conducted this way to follow segment-
based approach. Each CSC covers 40 par cipants,
one from each household i.e., each CSC covers 40
households from the catchment area. IIT- Delhi
has performed a third-party analysis of the
programme wherein the response has been
found to be sa sfactory upto 95%.
7.5.11 IEPFA collaborated with Nehru Yuva
Kendra Sangathan (NYKS) for the
implementa on of the Pilot Project ''Youth
Par cipa on in Investor Educa on, Awareness
and Protec on'' in 8 states of Northern India. The
Project includes conduc on of IAPs in 50 districts
on pilot-basis which will cover 50 Districts, 250
Blocks and 2500 Villages. Till date NYKS has
performed 01 ToT, 05 Webinars, 03 State Level
Orienta on Programmes and 150, Three days
Orienta on Programme for the youth.
7.5.12 India Post Payments Bank (IPPB) has
organized Investors Educa on and Financial
Literacy Campaigns through ground customer’s
engagement camps. Their aim was to encourage
branches to organize camps, IPPB’s 650 branches
in 23 circles have been ac vated for the same,
through unparalleled reach of the post offices
across the country. It is per nent to men on that
IPPB has achieved around 165% of the cri cal
deliverable targets and completed 7,324 IAPs out
of an ini al target of 4404 IAPs covering around 3
lakh ci zens to date.
Indian Ins tute of Corporate Affairs
7.6.1 I I C A co n d u c te d 4 1 p ro g ra m m e s ,
including 34 capacity building programmes
under which a total of 1,826 individuals were
given training. Some of the important events
iv.
conducted during the period is given below:
i. Graduate Insolvency Programme:
Centre for Insolvency & Bankruptcy, IICA
admi ed the fourth batch, consis ng of
46 par cipants, under the two years
Graduate Insolvency Programme from
July 1, 2022. The aim of the programme
was to cater the needs of the economy;
for those aspiring to take up the
discipline of Insolvency Professional as a
career or other roles in the value chain.
v.
The third batch, a er successfully
comple ng three trimesters in the
campus, joined various firms for their
traineeship.
ii. Two-day summit for Non-Official
Directors of Central Public Sector
Enterprises (CPSEs): IICA in associa on
with DPE and Capacity Building
Commission organized 3 batches of Two-
day summit for Independent
Directors/Non-Official Directors of CPSEs
during July 12-17, 2022 in New Delhi to
train them in terms of their roles and
responsibili es for be er func oning of
CPSE Boards. During the two day, various
i m p o r ta n t a s p e c t s o f C o r p o rate
vi.
Governance like Audit Commi ee, CSR
provisions & commi ee, Understanding
Financial Statements, Risk management,
Board func oning & Dynamics etc were
elaborated by the prominent speakers.
The programme was a ended by 320
par cipants.
iii. Two-day orienta on program and
learning summit for Independent
Directors/Non-Official Directors of
CPSEs: IICA in associa on with
58
Department of Public Enterprises (DPE)
organized 2 batches of Two day
orienta on program and learning
summit for Independent Directors/Non-
Official Directors of CPSEsduring
September 19-22, 2022 in New Delhi.
The programme was a ended by 54
par cipants.
Orienta on Program on Corporate
Affairs for Group ‘A’ Officers: IICA has
organised “Orienta on Program on
Corporate Affairs for Group ‘A’ Officers”
during July 18-22, 2022 at IICA Campus,
IMT Manesar. There were total 21 Group
‘A’ Officers nominated from Survey of
I n d i a ( D e p a r t m e nt o f S c i e n c e &
Technology) and Na onal Ins tute of
Communica on Finance (Department of
Telecommunica ons).
Two-Day Familiariza on Program for
Independent Directors in February,
2022: School of Corporate Governance &
Public Policy, IICA organized Two Days
Familiariza on Program for Independent
Directors on February 11-12, 2022. The
Program was a ended by 27
Independent Directors and Aspiring
Directors from 18 Companies (PSUs &
Private Companies). The program was
designed keeping in mind the unique
training requirements and challenges of
newly appointed Independent Directors
on Boards and familiarize them on legal,
governance and understanding of
finance.
Two Days Familiariza on Program for
Independent Directors in July, 2022:IICA
successfully organized Two Days
Familiariza on Program for Independent
Directors on July 28-29, 2022. Program
was organized by School of Corporate
Governance & Public Policy, IICA where
32 Independent Directors and Aspiring
Directors from 19 Companies (PSUs &
Private Companies) par cipated in the
Program.
vii. MSME Na onal Summit: On December
10, 2021 in the backdrop of Na onal
Ini a ve to become 5 Trillion Economy
and Azadi ka Amrit Mahotsav, an
ini a ve of the Government of India and
to celebrate and commemorate 75 years
of progressive India and glorious history
of its people, culture and achievement,
IICA, Manufacturers Associa on of
Faridabad (MFA) and Indian European
Chamber of Small & Medium Enterprises
(IECSME) organised MSME Na onal
Summit in Faridabad with Tagline -
“Sankalp for Gearing up Udhyamita Vikas
for stronger India & 5 Trillion Economy”
evolving around the Theme - “Let us Join
Hands, Rejuvenate & Realign our Vibes
and commitment for building Saksham
and Samarth Vishwaguru Bharat to lead
the global fraternity”.
viii. IICA Valua on Cer ficate Program
(IVCP): School of Finance launched the
S e c o n d B a t c h o f I I C A Va l u a o n
Cer ficate Program (IVCP) – the Gold
Standard in Valua on Educa on on
January 29, 2022. IICA Valua on
Cer ficate Program (IVCP) is a flagship
course of IICA providing an integrated,
comprehensive and prac cal approach
to valua on. Consis ng of 20 modules,
the course is delivered online over 3
levels and 11 months. The course is
aligned to Interna onal Valua on
Standards giving it a global flavour which
is necessary in the present
interconnected world.
ix. Nine months online course on IICA
Cer ficate Programme (ICP) in Strategic
CSR: School of Business Environment,
IICA conducted a nine months online
course on ICP in Strategic CSR from
January, 2022. The Course is designed to
create a skilled and capable workforce,
having a 360-degree understanding of
various aspects of CSR, so as to enable
them to take the mission and actual
intent of CSR forward.
59
x. Nine months online cer ficate course
on Business and Financial Laws: School
of Corporate Law, IICA conducted a nine
month online cer ficate course on
Business and Financial Laws – Third Batch
from March 2022 to December, 2022,
covering IBC and CA-13. The School of
Corporate Law focuses on in terms of
online & offline capacity building and
research.
xi. Six months online Cer ficate Course on
Corporate Law: School of Corporate Law,
IICA conducted a six month online
Cer ficate Course on Corporate Law-
Thirteenth Batch from February, 2022 to
September, 2022, covering Companies
Act SEBI and other allied laws.
xii. Four months online cer ficate Program
in Corporate Governance: School of
Corporate Governance & Public Policy,
IICA conducted a 4 month online
cer ficate Program in Corporate
Governance Batch-9 from April to
August, 2022.
xiii. Three months online cer ficate course
in Insolvency and Bankruptcy Laws and
Procedure: School of Corporate Law, IICA
conducted a 3 month online cer ficate
course in Insolvency and Bankruptcy
Laws and Procedure – Twel h Batch from
Februar y to May 2022, covering
theore cal and prac cal aspects rela ng
to the IBC.
xiv. Four months online cer ficate Program
in Corporate Governance: School of
Corporate Governance & Public Policy,
IICA conducted a 4 month online
cer ficate Program in Corporate
Governance Batch-10 from June to
October, 2022. The modules of the
online cer ficate program are designed
to enable the development of a sound
understanding of corporate governance
law and prac ce in a na onal and
interna onal context. It will also enable
the candidate to support the
 development of good governance and
stakeholder dialogue throughout the
organiza on, irrespec ve of sector,
being aware of legal obliga ons and best
prac ces.
xv. Three months online cer ficate course
in Insolvency and Bankruptcy Laws and
Procedure: School of Corporate Law, IICA
conducted a 3 months online cer ficate
course in Insolvency and Bankruptcy
Laws and Procedure – Thirteenth Batch
from March to June 2022, covering
theore cal and prac cal aspects rela ng
to the IBC.
7.6.2 In addi on to the above, the following
events were also organized under the aegis of
IICA:
i. Master Class on Building Be er Boards
during November 11-13, 2021
ii. Master Class on Building Be er Boards
from April 07-09, 2022
iii. Master Class on Building Be er Boards
during May 26-28, 2022
iv. Two days orienta on program for
Government Nominee Directors during
September 26-27, 2022
v. Two Days Online Capacity building
training program on Compe on Law
during December 2-3, 2021
vi. Two Days Online Capacity building
training program on Compe on Law
during December 9-10, 2021
vii. Training on Capacity Building Programme
on “Procurement (Policy & Procedures
based on GFR, GeM & E-Procurement)
and Contract Management for Good
Governance during November 8-20,
2021
viii. Training Program on Procurement (Policy
& Procedures based on GFR, GeM & E-
Procurement) and Contract
Management for Good Governance
during February 1-12, 2022
60
ix. Four Day Capacity Building Programme
on “Procurement (Policy & Procedures
based on GFR, GeM & E-Procurement)
during March 8-11, 2022
x. Five Day familiariza on Capacity Building
Program on “Procurement Procedures
during May 09-13, 2022
xi. Four Day Capacity Building Program on
“Procurement (Policy & Procedures
based on GFR, GeM & E-Procurement)
and Contract Management for Good
Governance during June 21-24, 2022
xii. Four Day Capacity Building Program on
“Procurement (Policy & Procedures
based on GFR, GeM & E-Procurement)
and Contract Management for Good
Governance during August 23-26, 2022
xiii. Four Day Capacity Building Program on
“Procurement (Policy & Procedures
based on GFR, GeM & E-Procurement)
and Contract Management for Good
Governance during October 17-20, 2022
xiv. IICA-DPE Program on Case studies on
Best Prac ces to Professionalize below
Board Level Management Opera on
with specific thrust on Implementa on
of DPE Guidelines during February 2-4,
2022
xv. Research on response of several
regulatory bodies from December 2021
to February 2022
xvi. Webinar on “Alterna ve Dispute
Resolu on in the Regulatory Regime” on
January 20, 2022
xvii. Webinar on "Current Challenges in the
Indian Power Sector” on February 18,
2022
xviii. Na onal Consulta on on “Futuris c
Collabora on for Collec ve Impact”
under Azadi Ka Amrit Mahotsav on
February 26, 2022
xix. I n co n n u a o n to t h e ‘ N a o n a l
Consulta on on Futuris c Collabora on
 for Collec ve Impact’ held on February
26, 2022, the regional consulta on in
North-East region was organized on
March 22, 2022
xx. Regional consulta on on “Futuris c
Collabora on for Collec ve Impact”
under Azadi Ka Amrit Mahotsav on
March 25, 2022
xxi. One day training program on Know Your
Customer & An -Money Laundering –
Guidelines of RBI on May 28, 2022
xxii. Talk series tled: ‘Know Your Regulator’
released on November 25, 2021,
December 15, 2021, January 21, 2022,
June 22, 2022, July 7, 2022 and July 29,
2022
xxiii. Master Classes for Forum of Indian
Regulators on October 17, 2022
xxiv. Sensi za on of Environment, Social, and
Governance (ESG) Narra ve in India:
School of Business Environment, IICA
organized a Discussion on Sensi za on
of ESG Narra ve in India in Chennai on
August 2, 2022
xxv. Sensi za on of ESG Narra ve in India on
August 24, 2022
xxvi. Celebrated AKAM Iconic Day on June 12,
2022
Corporate Social Responsibility (CSR)
7.7.1 Corporate Social Responsibility (CSR) for
companies has been mandated through
legisla on in India. Sec on 135 of the CA-13
contains CSR provisions of the Act, Schedule VII
of the Act enumerates the ac vi es that can be
u n d e r ta ke n u n d e r C S R a n d C o m p a n i e s
(Corporate Social Responsibility Policy) Rules,
2014 prescribe the manner in which companies
can comply with the CSR provision of the Act.
Sec on 135 amended Schedule VII to the
Companies Act 2013, and the Companies
(Corporate Social Responsibility Policy) Rules,
2014 were no fied on February 27, 2014, and
came into force from 01.04.2014.
61
7.7.2 With respect to differently abled, it is
submi ed that Schedule VII of the CA-13has
twelve entries and two entries, i.e., item no. (ii)
and item no. (viii) lays emphasis on differently
abled persons. The two items are reproduced
below:
a. “(ii) Promo ng educa on, including
special educa on and employment
enhancing voca on skills especially
among children, women, elderly, and
the differently abled and livelihood
enhancement projects;"
b. “(vii) training to promote rural sports,
n a o n a l l y r e co g n i ze d s p o r t s ,
Paralympic sports and Olympic
sports;"
7.7.3 A m e n d m e n t s t o S e c o n 1 3 5 o f
Companies Act, 2013: Second and Third
amendments [Companies (Amendment) Act,
2019 and Companies (Amendment) Act, 2020]
were no fied vide No fica on no. 324 (E) and
325 (E), dated 22nd January, 2021 respec vely.
7.7.4 The Companies (CSR Policy) Amendment
Rules, 2022 was amended vide no fica on no.
715 (E) dated September 20, 2022 for expanding
the pool of implemen ng agencies eligible for
undertaking CSR ac vi es, enhancing the
a m o u nt to b e s p ent by co m p a n ies fo r
undertaking Impact Assessment of their CSR
ac vi es, and revisi ng the format for “Annual
Report on CSR” for financial year 2022-23
onwards to ease the compliance burden on the
companies. The same are available on the
website of the Ministry www.mca.gov.in.
7.7.5 The Ministry had issued General Circular
no. 08/2022 dated 26.07.2022 wherein it was
clarified that “spending of CSR funds for the
ac vi es related to the “Har Ghar Tiranga”
campaign, such as mass scale produc on and
supply of the Na onal Flag, outreach and
amplifica on efforts and others related ac vi es,
are eligible CSR ac vi es under item no. (ii) of
Schedule VII of the CA-13 pertaining to
promo on of educa on rela ng to culture”. The
same are available on the website of the Ministry
www.mca.gov.in.
7.7.6 The Ministry launched an “E-Compendium
on CSR” (‘Compendium’) on June 07, 2022. The
Compendium was launched by the Hon’ble
Minister of Finance and Corporate Affairs, Smt.
Nirmala Sitharaman as a part of Azadi ka Amrit
Mahotsav, an ini a ve of the government to
celebrate and commemorate 75 years of
independence. The Compendium is one stop
des na on for informa on related to CSR, which
brings all the exis ng knowledge resources on
CSR into one place. It will be an effec ve
mechanism in bridging the asymmetry of
informa on regarding the CSR framework, for all
stakeholders. The Compendium is divided into
two parts, viz., Part-I which contains the CSR
framework as laid down in CA-13, Companies
(CSR Policy) Rules, 2014, and Schedule VII of the
Act; and Part-II which contains the relevant
annexures including summary sheets on CSR
expenditures.
(I) Key Highlights of Companies
Amendment Act, 2019
Determina on of CSR Amount – Earlier
the amount required to be spent by the
company was based on the average net
profits made during the three
immediately preceding financial years.
The Companies (Amendment) Act, 2019
provided that, for companies whose
existence is less than three years, the
amount required to be spent by the
company shall be based on the average
net profit of such immediately preceding
financial year since the company is
incorporated.
Treatment of unspent CSR amount
(Sec ons 135(5) and 135(6)) - The
companies have to spend at least 2% of
its average net profit within a financial
year. If a company fails to meet its
spending obliga on, then the company
will have the following two alterna ves
based on whether the company has any
ongoing projects or not:
(a) If it is not an ongoing project, then:-
The company has to transfer the
62
unspent amount within a period of
six months from the end of the
concerned financial year to a Fund to
be specified in Schedule VII of the
Act;
(b) If it is an ongoing project, then:-
First, the company has to open a
special account in any scheduled
bank called “Unspent Corporate
Social Responsibility Account”.
Second, the company has to transfer
its unspent CSR amount within a
period of thirty days from the end of
the concerned financial year to this
special account.
Third, the company has to spend the
amount transferred to the “Unspent
Corporate Social Responsibility
Account” as per its CSR Policy within
a period of three financial years from
the date transfer of such amount into
the special account.
Fourth, if the company is unable to
spend any amount from the
“Unspent Corporate Social
Responsibility Account ”, such
amount has to be transferred to a
Fund to be specified in Schedule VII
of the Act within a period of 30 days
from the date of comple on of third
financial year.
Sec on 135(8)- The Central Government may
give such general or special direc ons to a
company or class of companies as it considers
necessary to ensure compliance of provisions of
this sec on and such company or class of
companies shall comply with such direc ons.
(ii) Key Highlights of Companies
Amendment Act, 2020
Addi on of 3rd proviso to Sec on
135(5)- If a company spends an amount
in excess of the 2% amount as provided
in Sec on 135(5), then such excess
amount shall be available for set off
against the obligated CSR amount for the
 succeeding financial years. (As per the
rules, it is available up to 3 succeeding
financial years).
Amendment of Sec on 135(7)- The non-
compliance of Sec on 135(5) and 135(6)
has been made a civil wrong.
Provisions: If a company is in default in
complying with the provisions of sub-
sec on (5) or sub-sec on (6), the
company shall be liable to a penalty of
twice the amount required to be
transferred by the company to the Fund
specified in Schedule VII or the Unspent
Corporate Social Responsibility Account,
as the case may be, or one crore rupees,
whichever is less, and every officer of the
company who is in default shall be liable
to a penalty of one-tenth of the amount
required to be transferred by the
company to such Fund specified in
Schedule VII, or the Unspent Corporate
Social Responsibility Account, as the case
may be, or two lakh rupees, whichever is
less.
Addi on of sub-sec on 135(9)- In order
to ease compliance burden of company,
sub-sec on 9 has been added to Sec on
135 which provides that where a
company is required to spend an amount
less than Rs 50 lakhs, such company need
not cons tute the CSR Commi ee.
7.7.7 Amendment to Companies (CSR Policy)
Rules, 2014: The Companies (CSR Policy)
Amendment Rules, 2021 (Sixth Amendment) got
no fied on January 22nd, 2021 vide No fica on
no. 40 (E). The same is available on the website of
the Ministry: www.mca.gov.in
Key Highlights of Companies (CSR Policy)
Amendment Rules, 2021
1. Inser on of new defini on:
administra ve overheads, ongoing
projects, interna onal organiza ons,
public authority, etc.
a. D e fi n i o n o f a d m i n i s t r a v e
overheads provides clarity as
63
whether the components shall be
included in project cost or
administra ve overheads.
2. Revised defini on of CSR and CSR Policy
provides clarity
a. New defini on of CSR includes a
nega ve list:
i. a c v i e s u n d e r t a k e n i n
pursuance of normal course of
business of the company (except
for R&D for COVID vaccine, drug,
etc. for period of three FY)
ii. any ac vity undertaken by the
company outside India (except
for sports training)
iii. contribu on of any amount
directly or indirectly to any
poli cal party under sec on 182
of the Act;
iv. ac vi es benefi ng employees
of the company;
v. ac vi es supported by the
companies on sponsorship basis
for deriving marke ng benefits
for its products or services;
vi. a c v i e s c a r r i e d o u t f o r
fulfilment of any other statutory
obliga ons under any law in
force in India.
b. New defini on of CSR Policy provides
that the CSR Policy of the company
shall mandatorily include the vision
of the company as well as the annual
ac on plan to undertake CSR. The
annual ac on plan shall include:
i. the list of CSR projects or
programmes that are approved
to be undertaken,
ii. the manner of execu on of such
projects,
iii. the modali es of u lisa on of
funds and implementa on
schedules for the projects;
 iv. m o n i to r i n g a n d re p o r n g MCA or beneficiaries or a public
mechanism for the projects, and authority.
v. details of need and impact 6. The Board of the company shall sa sfy
assessment, if any, for the itself for u liza on of CSR funds and the
projects undertaken by the Chief Financial Officer (CFO) or person
company. handling the finance of the company
3. Implementa on of CSR by implemen ng shall cer fy about the u liza on of the
agencies has been strengthened through fund.
the followings: 7. Mandatory display of details of CSR
i. Contribu on to corpus is no more an ac vity of the company, if it has any
eligible CSR ac vity. website
ii. Registra on under Sec on 12A and 8. Revision of format for annual report on
80G of Income Tax is mandatory for CSR for enhanced disclosures w.r.t CSR
all implemen ng agencies, other for promo ng transparency.
than those established by Central 9. Interna onal Organiza ons are allowed
government or state government or to carry out designing, monitoring and
any en ty established through act of evalua on of the CSR projects or
Parliament or State Legislature programmes in order to bring in best
iii. Now registered public trust instead interna onal prac ces in the field of CSR
of any registered trust shall act as an and capacity building.
implemen ng agency. 7.7.8 Summary Details of CSR Expenditure:
iv. W.e.f April 01, 2021, all implemen ng The details of the cumula ve amount spent as
agencies have to mandatorily register per filings made by companies up to March 31,
with MCA by filing CSR-1 form. 2022 in the MCA21 registry for the financial years
2014-15 to 2020-21 is provided in Table 7.5.
4. Companies having CSR obliga on of Whereas States/UTs-wise and development
Rs.10 crores or more shall mandatorily sector-wise CSR expenditure by companies is in
undertake impact assessment of their Table 7.6 and Table 7.7 respec vely.
CSR projects having outlay of Rs.1 crore
or more. Based on the filings made by the Companies in
the MCA 21 registry:
5. Crea on and acquisi on of capital assets
through CSR is now allowed which shall (i) The details of CSR spend by the various
be held only by those charitable public and private sector companies
organiza ons that have registered with under the Companies Act, 2013 for FY
2018-19 to 2020-21 as on March 31,
2022 are given below:
Table 7.5
CSR Expenditure for FY 2018-19 to 2020-21 (Data up to March 31, 2022)
(in ₹ Cr.)
PSU/ 2018-19 2019-20 2020-21 Cumula ve Amount
Non- PSU from 2014-15 to
Total Amount Total Amount Total Amount 2020-21
Cos. Spent Cos. Spent Cos. Spent
Non- PSU 24,487 15,948.91 22,258 19,611.80 16,710 20,416.62 98,024.51
PSU 616 4,223.15 460 5,279.83 297 4,448.84 27,930.84
Grand Total 25,103 20,172.07 22,718 24,891.63 17,007 24,865.46 1,15,889.42

64
(ii) States/UTs-wise CSR amount spent, and financial years 2017-18, 2018-19, 2019-
development sector-wise CSR amount 20 and 2020-21 and cumula ve CSR
spent by companies for the last four spending ll March 31, 2022 are given
below:
Table 7.6
State/UT-wise CSR expenditure
(in ₹ Cr.)
Sl. State/UT Amount Amount Amount Amount Cumula ve
No. Spent Spent Spent Spent amount
FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 from 2014-15
to 2020-21
1. Andaman & Nicobar 0.73 0.82 1.29 2.19 6.5
2. Andhra Pradesh 575.07 664.87 710.00 662.39 5044.86
3. Arunachal Pradesh 11.91 24.56 18.02 10.58 101.65
4. Assam 211.33 210.00 282.14 163.21 1417.35
5. Bihar 106.17 137.57 110.15 78.02 693.02
6. Chandigarh 20.51 11.46 15.58 13.12 89.74
7. Chha sgarh 176.70 149.35 268.18 305.73 1385.64
8. Dadra & Nagar Haveli 6.98 13.48 18.34 18.08 80.69
9. Daman & Diu 20.23 6.25 9.53 5.25 66.33
10. Delhi 579.37 749.24 827.74 657.73 3966.94
11. Goa 53.77 46.77 43.86 40.95 273.89
12. Gujarat 967.97 1,082.09 982.53 1,397.26 6156.03
13. Haryana 363.43 377.53 521.11 536.86 2745.95
14. Himachal Pradesh 69.23 78.79 78.61 104.60 417.21
15. Jammu & Kashmir 50.77 36.44 25.27 35.10 336.51
16. Jharkhand 109.23 109.80 155.21 208.34 874.44
17. Karnataka 1,145.42 1,250.39 1,445.80 1,205.23 7097.28
18. Kerala 219.71 354.67 295.78 283.78 1501.02
19. Lakshadweep 2.27 0.39 - 0.01 2.97
20. Madhya Pradesh 163.92 243.17 215.06 344.13 1440.82
21. Maharashtra 2,797.53 3,144.23 3,336.14 3,306.72 18472.25
22. Manipur 4.81 7.81 14.21 9.66 57.53
23. Meghalaya 11.18 16.54 17.65 12.46 76.7
24. Mizoram 1.28 0.11 0.25 0.81 4.63
25. Nagaland 1.81 2.12 5.10 3.57 15.2
26. Odisha 504.22 688.25 714.82 547.57 3642.04
27. Puducherry 6.09 9.15 11.32 11.79 54.17
28. Punjab 112.36 166.00 188.52 126.01 792.69
29. Rajasthan 443.35 595.44 733.95 643.07 3523.79
30. Sikkim 7.00 5.87 10.99 15.15 48.36

65
 (in ₹ Cr.)
Sl. State/UT Amount Amount Amount Amount Cumula ve
No. Spent Spent Spent Spent amount
FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 from 2014-15
to 2020-21
31. Tamil Nadu 669.65 876.83 1,069.45 1,082.33 5370.55
32. Telangana 380.56 428.06 445.56 579.75 2455.64
33. Tripura 1.88 23.06 9.40 9.29 47.6
34. U ar Pradesh 435.21 519.14 577.08 826.67 3245.22
35. U arakhand 85.79 172.26 124.65 151.30 784.28
36. West Bengal 338.32 381.77 416.97 427.44 2447.18
37. NEC/Not men oned* 137.93 4.44 30.43 177.51 384.88
38. PAN India** 5,505.31 6,428.09 9,373.03 7,490.84 41397.91
39 Contribu on to Funds 799.18 1,155.25 1,787.89 3,371.00 9435.89
included in Schedule
VII of the Act
Grand Total 17,098.18 20,172.07 24,891.63 24,865.46 1,25,955.4

(Data up to 31.03.2022) [Source: Na onal CSR Data Portal]

*Companies did not specify the names of States where projects were undertaken.
** Companies indicated more than one State where projects were undertaken

Table 7.7
Development sector-wise CSR expenditure (in ₹ Cr.)
Sl. Development Sector Amount Amount Amount Amount Cumula ve
No. Spent Spent Spent Spent amount
FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 from 2014-15
to 2020-21
1. Agroforestry 66.79 64.75 67.38 18.87 337.21
2. Animal Welfare 63.52 98.28 106.07 187.70 618.23
3. Armed Forces, Veterans, War 29.09 90.18 62.04 83.15 318.22
Widows/ Dependents
4. Art and Culture 395.22 225.08 933.31 479.63 2575.35
5. Clean Ganga Fund 33.96 8.11 6.63 13.36 124.72
6. Conserva on of Natural 228.14 173.55 159.24 85.03 859.5
Resources
7. Educa on 5,763.08 6,093.63 7,164.49 6,391.86 36564.98
8. Environmental Sustainability 1,301.96 1,364.21 1,468.22 981.78 7763.31
9. Gender Equality 24.01 51.81 82.93 35.27 395.68
10. Health Care 2,776.93 3,608.57 4,892.28 6,946.75 25133.22
11. Livelihood Enhancement 832.40 907.49 1,077.47 796.14 4802.52
Projects
12. Other Central Government 292.73 730.96 930.86 1,541.56 4527.55
Funds
13. Poverty, Eradica ng 811.20 1,190.66 1,149.10 1,236.09 6520.38
Hunger, Malnutri on

66
 Sl. Development Sector Amount Amount Amount Amount Cumula ve
No. Spent Spent Spent Spent amount
FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 from 2014-15
to 2020-21
14. Prime Minister’s 200.42 320.67 797.03 1,656.40 3579.54
Na onal Relief Fund
15. Rural Development Projects 1,724.07 2,430.86 2,291.38 1,818.38 12254.98
16. Safe Drinking Water 220.87 228.10 253.00 197.05 1332.82
17. Sanita on 460.68 506.66 521.64 326.11 3168.23
18. Senior Ci zens Welfare 40.09 44.97 52.18 55.13 250.93
19. Se ng up Homes and 70.58 57.01 48.50 39.92 316.25
Hostels for Women
20. Se ng Up Orphanage 39.87 12.89 36.47 15.43 143.48
21. Slum Area Development 39.16 51.06 42.94 74.59 374.48
22. Socio-Economic Inequali es 155.95 167.84 214.79 119.18 922.78
23. Special Educa on 140.01 186.08 196.81 202.05 1057.55
24. Swachh Bharat Kosh 272.07 95.50 53.37 159.68 1204.06
25. Technology Incubators 16.94 32.10 53.50 61.99 218.7
26. Training to Promote Sports 285.41 308.87 302.12 240.90 1515.37
27. Voca onal Skills 546.46 798.21 1,165.22 630.78 4135.6
28. Women Empowerment 251.37 236.34 259.27 188.04 1272.3
29. NEC/Not Men oned 15.20 87.61 503.40 282.65 3667.38
Grand Total 17,098.1 20,172.0 24,891.6 24,865.4 1,25,955.35

(Data up to 31.03.2022) [Source: Na onal CSR Data Portal]

*Companies either did not specify the names of Sectors or indicated more than one Sector where projects were
undertaken.

R&A Division through Women Empowerment: A

7.8.1 R&A Division is responsible for step towards Sustainability’ by ITM
administra ng the “Funding of Research Business School, Mumbai
and Studies, Workshops and Conferences, (ii) ‘To study the emerging trends in
etc.” a component under the “Corporate commercial loan origina ons and
Data Management” Scheme. During the por olio health in conjunc on
period November 01, 2021 to October 31, with the MCA data’ by CIBIL
2022, 6 research studies and 2 seminars/ (iii) ‘A Study on performance of IPO’s
workshops were completed. The new and its role in wealth crea on of
research studies/seminars selected by the retail investors in India – A
Technical Commi ee for funding for the sta s cal model’ by Administra ve
year 2022-23 are as under: Staff College of India (ASCI),
(i) ‘Enhancing Green CSR reputa on Hyderabad

67
(iv) ‘Excep on’al Officers of the Court
and their Economic Freedom: An
E m p i r i c a l S t u d y o f Wo m e n
Insolvency Professionals and
Judges in India’ by IICA
(v) ‘UN-SDG Goals & Indian
Corporates: Study of Alignment of
Corporates Ac vi es with 2030
Agenda’ by Interna onal
Management Ins tute (IMI), New
Delhi
(vi) ‘CSR expenses, Financial
Sustainability and Value crea on
leading to Investor protec on:
Empirical study of Indian SME
sector’ by IICA
(vii) ‘Ease of Doing Business and the
Performance of Indian Firms: A
Firm-Level study across Industries
and States’ by Indian Ins tute of
Foreign Trade (IIFT)
(viii) ‘Cartels and the Leniency Program
in India’ by KIIT School of Law,
D e e m e d t o b e U n i v e r s i t y,
Bhubaneswar
(ix) ‘ The Interplay between
Compe on Law, Corporate
Governance, and Market
Compe on’ by PMAID,
Department of Commerce,
University of Delhi.
7.8.2 Under the chairmanship of Chief
Economic Advisor, Dr. V. Anantha
Nageswaran, various research proposals
were considered and approved by the
Expert Commi ee for taking up the
research ac vi es by various
Government/Non-Government
68
ins tu ons. Further, the Division
deliberates on them and recommends for
approval, accordingly. The new research
studies recommended by the Expert
Commi ee for funding for the year 2022-
23 are as under: -
(i) Understanding the Preparedness
o f I n d i a ’s S M E s / M S M E s o n
Environmental, Social, and
Governance (ESG) by Indian
Ins tute of Technology, Bombay
(ii) A Research Proposal to review and
suggest measures to improve the
func oning of the Vigil Mechanism
in various Companies in India,
under the Sec on177 of the
Companies Act, 2013 by The West
Bengal Na onal University of
Juridical Sciences (NUJS), Kolkata.
(iii) Drivers and Inhibitors of the XBRL
Adop on and Usage: Perspec ve
of Indian SMEs by IIM
Visakhapatnam.
(iv) Can Independent Directors Reduce
Tunneling Through Related Party
Transac ons: Empirical Evidence
from Indian Listed Companies by
IIT Roorkee.
7.8.3 R&A Division undertakes some
co ntem p o ra r y is s u es fo r inter n a l
research. The research findings provide
insight to the Ministry for taking policy
decisions and changes in the Corporate
Governance scenario. Internal research
study on ‘Debt Equity Mix and its Impact
on Financial Performance of the Indian
Firms: Evidence from MCA21 Database’
was undertaken during the year.
7.8.4 T h e R & A D i v i s i o n p r e p a r e s
Monthly Newsle er comprising of the
Secretary’s Desk, which discusses a topic
of governance in detail. The following
themes were covered during the year:
‘Abuse of Dominance under the Indian
Compe on Regime’, ‘Board Commi ees
and Corporate Governance’, ‘Corporate
Social Responsibility under the
C o m p a n i e s A c t , 2 0 1 3 ’, ‘ R o l e o f
Professional Ins tutes in Ensuring Good
Corporate Governance’, etc.
Ins tute of Cost Accountants of India
(ICoAI)
7.9.1 T h e f o l l o w i n g e v e n t s w e r e
organized under the aegis of the Ins tute
of Cost Accountants of India:
(i) The Ins tute has ac vely
par cipated in the celebra on of Azadi ka
Amrit Mahotsav (AKAM) to
commemorate the 75 years of India’s
Independence by way of organizing
various ac vi es and programs revolving
around AKAM themes on physical and
virtual mode in associa on with its 4
Regional Councils and 112 Chapters
across the country.
The Ins tute has ac vely par cipated in
the Iconic Day event organized by Ministry
of Corporate Affairs (MCA) at Vigyan
Bhawan, New Delhi on June 7, 2022.
Further, the Ins tute had successfully
organized Iconic AKAM events on June 9,
2022 in the form of Tree Planta on Drive
across country, an Exhibi on and a half
day Na onal Conference at New Delhi.
The theme of the event aligns the
objec ve of Azadi Ka Amrit Mahotsav with
the na onal ini a ve of Hon’ble Prime
Minister of India to make India Self
Reliant. The day started with a full day
na on-wide Tree Planta on drive named
Green India organised by the Ins tute
through its Headquarters and 112
chapters in all important ci es of India.

Shri Rajesh Verma, IAS, Secretary to the Government of India, Ministry of Corporate Affairs
inaugurated the Exhibi on organized to celebrate the role of the Corporate Leaders and
Freedom Fighters in the Na on Building at SCOPE Complex, New Delhi on June 9, 2022.

69
 Shri Arjun Ram Meghwal, Hon'ble Union MoS for Culture and Parliamentary Affairs
graced the Seminar organized by the Ins tute on June 9, 2022 on the theme
“Good Governance - Key to Atmanirbhar Bharat” as its Chief Guest.

On this occasion Shri Arjun Ram Meghwal
also release the CMA Syllabus – 2022.
There were sessions on Role of Good
Corporate Governance in achieving
Atmanirbhar Bharat and on Decriminali-
s a o n o f va r i o u s o ffe n c e s u n d e r
Companies Act & LLP Act. Eminent
speakers shared their experiences with
the par cipants during the half day
conference at SCOPE Auditorium. The
conference witnessed the par cipa on by
many Corporate Stalwarts, Professionals,
Prac oners, Academicians,
representa ve of Trade & Industry. The
proceedings of the seminar were
telecasted live to reach the members &
students across the Country.
(ii) The Ins tute has successfully
o rga n i s e d t h e 6 0 t h N a o n a l C o st
Conven on (NCC) 2022 on the theme
अ ा से आ नभरता क ओर (Self- Reliance
through Enlightenment) on May 27-28,
2022 at AtalBihari Vajpayee Auditorium,
Babasaheb Bhimrao Ambedkar Central
University, Lucknow. Yogi Adityanath ji,
Hon’ble Chief Minister of U ar Pradesh
was the Chief Guest of the Conven on,
who shared his valuable video message to
the CMA fraternity, which was played
during the inaugural session.

70
Hon’ble Chief Minister of U ar Pradesh
congratulated the Ins tute for organizing
a na onal event on the theme “Self-
Reliance through Enlightenment”. He
s t a t e d t h a t S e l f- r e l i a n t I n d i a o r
Atmanirbhar Bharat is not about
achieving economic or financial strength,
but it also encompasses improving the
cultural, psychological, spiritual and
religious values of the people of India. He
welcomed the CMA professionals to come
and play more effec ve role in suppor ng
the policy makers and business en es
with an aim to help India and U ar
Pradesh to become cost compe ve,
adopt best prac ces that would promote
global investments and catalyse wider
employment genera on and GDP growth
in the State and the country. Shri Durga
S h a n k a r M i s r a , C h i e f S e c r e t a r y,
Government of U ar Pradesh and Prof.
Sanjay Singh, Vice Chancellor, Babasahab
Bhimrao Ambedekar University, Lucknow
graced the Inaugural session as Special
Guests.

Shri Suresh Kumar Khanna, Hon’ble Minister for Finance and Parliamentary Affairs,
Government of U ar Pradesh graced the NCC as Guest of Honour on May 27, 2022.

71
 Shri Brajesh Pathak, Hon’ble Deputy Chief Minister, Government of U ar Pradesh graced the
63rd Founda on Day Celebra ons of the Ins tute during the 60th NCC as the Chief Guest on
May 28, 2022. The NCC witnessed the par cipa on by large number of delegates from
the different parts of the country and abroad to make it a grand success.

(iii) T h e I n s t u te o rga n i ze d t h e Union Minister of State for Educa on,

Na onal Students’ Convoca on – 2022 in
a befi ng way at Science City Auditorium,
Kolkata on April 29, 2022. Shri Jagdeep
Dhankhar, Hon’ble Governor of West
Bengal graced the convoca on as the
Chief Guest, Dr. Subhas Sarkar, Hon'ble
Government of India as Special Guest of
Honour, Shri Harshvardhan Neo a,
Chairman of Ambuja Neo a Group and
CMA Dr. Rajesh Kumar, IPS, Member
Secretary, West Bengal Pollu on Control
Board as Guests of Honour.

72
Eminent personali es from academia,
corporate, profession and approximately
1500 students and their parents cu ng
across the length and breadth of the
country and Ins tute officials have joined
this event.
(iv) The Ins tute has successfully
organized the Awards Presenta on
Ceremony of 17th Na onal Awards for
Excellence in Cost Management, 5th and
6th CMA Awards on April 20, 2022 at New
Delhi. Shri Piyush Goyal, Hon’ble Union
Minister of Commerce & Industry,
C o n s u m e r A ffa i rs , Fo o d & P u b l i c
Distribu on and Tex les, Government of
India graced the occasion as Chief Guest of
the awards presenta on ceremony.

He presented the Na onal Awards for Excellence in Cost Management to 26 awardees and CMA Awards to
15 awardees under different categories. Hon’ble Union Minister appreciated the efforts made by
the Ins tute to recognise the significant role of CMA professionals in the growth of Indian Economy.
He also appreciated the Ins tute & CMA fraternity for suppor ng the various ini a ves of the Government.

Indian Corporate Law Service Academy
7.10.1 T h e d e t a i l s o f v a r i o u s Tr a i n i n g
Programme(s) conducted by the ICLS Academy
are given below:
A. Mandatory Training Programme for ICLS
Officers (Group A), as per ICLS
Recruitment Rules:
i. Professional Course Programme (PCP):
It is the flagship programme of the ICLS
Academy, and is 21 months (88 Weeks)
residen al programme for the direct
recruit ICLS Officer Trainees selected
through Civil Services Examina on. It is a
mandatory training as per Rule 9(4) of
ICLS Recruitment Rules for clearance of
proba on. It comprises of 10 months of
Classroom training and 10 months of ‘On
the Job training’ – a achments with
various filed offices and arms of Ministry
along with a Domes c Study tour
component (Bharat Darshan for 3 weeks)
and Foreign Study Tour to Na onal
University of Singapore (NUS,
Singapore) (2 Weeks).
ii. Intensive Training Programme (ITP) for
promoted Officers from Group B: The ITP
is a 58 days training programme for the
ICLS officer who are promoted from
Group ‘B’ covering various topics

73
 including Establishment ma ers,
Advanced Accountancy and Corporate
Financing by Shri Ram College of
Commerce (SRCC), Ind AS, Forensic Audit
and Fraud detec on by Ins tute of
Chartered Accountants of India (ICAI),
Working knowledge of Insolvency and
Bankruptcy Code, Companies Act, LLP
Act etc and Commercial and Allied Laws
by Na onal Law School of India
University, Bangalore (NLSIU)
iii. Mid-Career Training Programme Phase- I
(MCTP – I) : MCTP I is 4 Weeks mandatory
training as per Rule 6(d) of ICLS
Recruitment Rules and is organized for
In-Service ICLS Officers of JTS Level
before promo on to STS level.
iv. Mid-Career Training Programme Phase-
II (MCTP – II) : MCTP II is 4 Weeks
mandatory training as per Rule 6(d) of
ICLS Recruitment Rules and is organized
for In-Service ICLS Officers of STS Level
before promo on to JAG level.
v. Mid-Career Training Programme Phase-
III (MCTP – III) : MCTP III is 4 Weeks
mandatory training as per Rule 6(d) of
ICLS Recruitment Rules and is organized
for In-Service ICLS Officers of JAG Level
before placement in JAG(NFSG). MCTP III
also includes foreign a achment to
London School of Economic and Poli cal
Science for 1 week.
B. Other Training Programme for ICLS
Officers (Group A)
I. Mid-Career Training Programme Phase-
IV (MCTP – IV) is of 2 Weeks dura on for
In-Service ICLS Officers with 8 years as
JAG / NFSG or 17 years as ICLS with 4
years in JAG / NFSG. The Academy is yet
to conduct MCTP - IV as of now.
ii. Mid-Career Training Programme Phase-
V (MCTP – V) is of 2 Weeks dura on for
In-Service ICLS Officers with 3 years as
74
SAG or 25 years as ICLS with 1 year in
SAG. The Academy is yet to conduct
MCTP - V as of now.
iii. Post Graduate Diploma in Business and
Allied Laws by Na onal Law School of
India University, Bengaluru along with
Foreign Study tour for in-service ICLS
Officers with 20 classroom teaching days
and 2 Weeks of Foreign study tour to
Na onal University of Singapore.
iv. Other short term In-service ICLS officer
training : Intensive capsule course on
IND-AS, Intensive Analysis of financial
Statements, Training session for
understanding Indian Securi es Market
with focus on Power and func on of SEBI
for senior officials of the rank JAG and
above, Data Analy cs using CAAT Tools
programme by ICAI, Forensic Audit and
Accoun ng for Fraud Detec on by ICAI,
CBI Academy Training on Prosecu on
and related mechanism for Senior ICLS
officers, Building Competencies for
personal Excellence by Art of Living etc.
C Mandatory Training Programme for ICLS
Feeder Cadre, as per Recruitment Rules:
I. Mandatory Promo onal Training for ICLS
Feeder Cadre (STA / JTA etc) before
promo on to JTS of ICLS (Gr.A). The
dura on is 2-4 weeks and is mandatory
Training as per Rule 6(d) of ICLS
Recruitment Rules.
ii. Mandatory Training for direct recruit STA
(Group B, ICLS Feeder Cadre) selected
through Staff Selec on Commission is of
4 weeks and is mandatory, as per
Schedule 10(ii) of STA Recruitment Rules,
as a pre-condi on for clearance of
proba on.
iii. Training for promotee STAs (Group B,
ICLS Feeder Cadre), either before their
 promo on as STA or within 2 years of ii. Na onal Ins tute of Securi es Markets
their promo on as STAs. The dura on is (NISM) for Understanding Securi es
4 weeks and is mandatory as per Laws
Schedule 10(iii) of STA Recruitment
iii. Na onal Law School of India University,
Rules, as a pre-condi on for clearance of
Bangalore (NLSIU) for Business and other
proba on.
Allied Laws (PGDBAL)
iv. Robust training for serving STAs and JTAs :
iv. The Ins tute of Chartered Accountants
A 4 weeks training programme to
of India (ICAI) for forensic Accoun ng
strengthen the cadre of serving STAs /
and fraud detec on and Big Data
serving JTAs being made mandatory
Analysis.
training as per the direc ons of the
Ministry. v. Art of Living, Bangalore (AOL) for Building
Competencies for personal Excellence
7.10.2 ICLS Academy’s major milestones during
the last 5 years regarding various ins tu onal vi. Na onal Forensic Sciences University,
arrangements / e ups with the leading Gujarat (NFSU) for Training Programme
educa onal and training Ins tu ons in India a er on Digital Forensics
March 2018 are as follows: 7.10.3 The Training Programmes conducted by
i. Shri Ram College of Commerce (SRCC) for ICLS Academy during last 3 years (2020-21 to
Book Keeping and Advanced Accoun ng, 2022-23 upto 31.01.2023) are given in Table 7.8
Advanced Accoun ng, consolida on, below:
valua on & Advanced Audi ng
Table 7.8
Training Programmes conducted during 2020-21 to 2022-23 (upto 31.01.2023)
S. No. Training Programme 2020-21 2021-22 2022-23
th th th
1. Professional Course Programme – (PCP) 9 PCP (2018 batch) 10 PCP (2019 batch) 11 PCP (2020 batch)
Induc on (21 Months) for ICLS Ots (upto 10/2022)
through UPSC CSE 10th PCP (2019 batch) 11th PCP (2020 batch) 12th PCP (2021 batch)
- - 13th PCP (2022 Batch)
(from 12/2022)
2. Intensive Training Programme (ITP) - 1st ITP 1st ITP
(58 days) for ICLS Promoted Officers (upto 6/2022)
3. MCTP Ph–I (4 weeks) 1 - -
4. MCTP Ph–II (4 weeks) 1 1 -
5. MCTP Ph–III (4 weeks) - 1 -
6. One Day Non-Residen al Mandatory - - 1
Workshop-Cum-Training Program for
the ROCs and Police Officers
7. Specific Domain Areas Training for - - 1
ASO Proba oners of MCA (Cluster
Module 2)
8 Total No. of Trainings 4 5 6

75
7.10.4 The Training Programme(s) / Major
Events for 2022-23 are listed below:
vii. Presenta on before Capacity Building
commission: ICLS Academy made a
presenta on about its objec ves,
func ons and training programmes
before Capacity Building Commission
(CBC) on June 14, 2022, as a pre cursor to
presenta on before Hon’ble Minister of
Corporate Affairs.
viii. Review on the working of ICLS Academy
by the Hon’ble Minister of Corporate
Affairs : Hon’ble Minister of Corporate
Affairs, Smt. Nirmala Sitharaman
reviewed the func oning of ICLS
A c a d e my o n J u n e 2 3 , 2 0 2 2 a n d
expressed sa sfac on that all
mandatory trainings as per ‘Indian
Corporate Law Service Rules’ / ‘Senior
Technical Assistant Recruitment Rules’
linked to promo on / proba on of the
cadre are being imparted to Officers of
Indian Corporate Law Service (ICLS) and
its feeder cadres by the ICLS Academy.
ix. Intensive Training Programme for ICLS
officers promoted from Group ‘B’ since
2019: ICLS Academy organized 1 s t
Intensive Training Programme for ICLS
officers promoted from Group ‘B’ since
2019 (58 days) for 34 officers in virtual
mode from November 15, 2021 and the
training was successfully completed on
June 11, 2022, in 7 Modules on various
topics including Establishment ma ers,
Advanced Accountancy and Corporate
Financing by Shri Ram College of
Commerce (SRCC), Ind AS, Forensic Audit
and Fraud detec on by Ins tute of
Chartered Accountants of India (ICAI),
Working knowledge of Insolvency and
Bankruptcy Code, Companies Act, LLP
etc and Commercial and Allied Laws by
Na onal Law School of India University,
Bangalore (NLSIU).
x. 11th Professional Course Programme for
ICLS Officer Trainees (OTs) selected
76
through Civil Service Examina on - 2019
(2020 Batch) : 11th PCP commenced at
ICLS Academy in December 2020 and
upon comple on of the mandatory
training the Ministry issued pos ng
orders w.e.f August 29, 2022. Their
classroom training inter-alia covered
the topics of Company Law & LLP Act,
Company Accounts by Shri Ram College
of Commerce, Business and other Allied
Laws by Na onal Law School of India
University, Bangalore (NLSIU), No ng &
Dra ing, Leadership & Communica on,
IBC, MCA21 Back Office/FO, Intensive
Analysis of Financial Statements, Ind AS,
Establishment ma ers, MS Excel, Big
Data Analy cs and Forensic Audit and
Fraud Detec on Techniques by Ins tute
of Chartered Accountants of India and
On the job training with various field
offices like ROC- CRC, ROC-CSC, ROC(s),
RD(s), OL(s) and NCR a achments with
DGCOA, SFIO, NCLT, IEPFA, CCI/DGCCI,
N C L AT, I B B I , N F R A , C C A / PA O ,
PRIDE/BPST, ICSI, MCA Hqrs. The ICLS
OTs further a ended their Special
Founda on Course (SFC) at Sardar Patel
Ins tute of Public Administra on
(SPIPA), Ahmedabad from September 19
to December 30, 2022 and won various
medals and awards during their SFC.
xi.
th
12 Professional Course Programme for
ICLS Officer Trainees (OTs) selected
through Civil Service Examina on - 2020
(2021 Batch) : 13 ICLS OTs undergoing
the 12th PCP are currently on their on-
the-job field training in various ROC(s)
a er comple on of their classroom
training on the topics of Establishment
ma ers, Company Law & LLP Act,
Company Accounts by Shri Ram College
of Commerce, MS Excel, Big Data
Analy cs and Forensic Audit and Fraud
Detec on Techniques by Ins tute of
Chartered Accountants of India , MCA21
Back Office/FO, No ng & Dra ing,
Communica on & Leadership , IBC, Ind
 AS, A achments with Na onal Ins tute
of Securi es Markets and Art of Living ,
trekking etc.
xii. 13th Professional Course Programme for
ICLS Officer Trainees (OTs) selected
through Civil Service Examina on - 2021
(2022 Batch): Ms. Anuradha Thakur, IAS
(HP:94), Addi onal Secretary, Ministry of
Corporate Affairs, inaugurated the 13th
Professional Course Programme (PCP)
and addressed the ICLS Officer Trainees
by sharing valuable thoughts, on
December 14, 2022. Shri M P Shah, ICLS,
Director General of Corporate Affairs,
was also present on the occasion and
addressed OT(s), who(s) are presently
undergoing their PCP at ICLS Academy.
xiii. One day Non-residen al mandatory
workshop-Cum-training program for the
ROCs and Police Officers : ICLS Academy,
under the aegis of Ministry of Corporate
Affairs, jointly with Indian Cyber Crime
Coordina on Centre (I4C), Ministry of
Home Affairs (MHA) organised a “One
Day Non-residen al Mandatory
Workshop-Cum-Training Program for the
ROCs and Police Officers [States / UTs
L aw E nfo rc e m e nt A ge n c i e s ) ” o n
Photographs of the major events
77
preven on of cyber crimes involving
Companies & Ponzy schemes etc., at the
Indian Ins tute of Corporate Affairs
(IICA) Campus on November 19, 2022
(Saturday). As part of this Workshop all
the Registrars of Companies across the
Na on, and 32 Police Officers, and
re p re s e n ta v e s f ro m o t h e r L a w
Enforcement agencies including NCRB,
SEBI, RBI, CBI, ED, Department of
Telecommunica on, and Income tax
officer par cipated in the aforesaid
workshop.
xiv. O n - t h e - J o b Tra i n i n g P h a s e - 2 o f
Founda on Training Programme (FTP)
organizing training under Specific
Domain Areas (Cluster Module 2) of
MCA” for ASO Proba oners of 2018
Batch : Shri Inder Deep Singh Dhariwal,
IA&AS (1992), Joint Secretary, MCA
inaugurated the training programme on
Specific Domain Areas (Cluster Module
2) of MCA by ICLS Academy for ASO
Proba oners of 2018 Batch on January 9,
2023, which is scheduled ll March 29,
2023, a 24 hours training programme (2
hours per week), spread over 12 weeks in
online mode through the Blackboard
pla orm of IICA.
Photographs of the major events

78
Na onal Founda on for Corporate
Governance (NFCG)
7.11.1 The Na onal Founda on for
Corporate Governance (NFCG) was set up
in the year 2003 by the Ministry of
Corporate Affairs , in partnership with
Confedera on of Indian Industry ,
Ins tute of Company Secretaries of India
and Ins tute of Chartered Accountants of
India to promote good Corporate
Governance prac ces both at the level of
individual corporates and Industry as a
whole. Subsequently, Ins tute of Cost
Accountants of India and Na onal Stock
Exchange (NSE) and Indian Ins tute of
Corporate Affairswere included in NFCG
as its Trustees.
7.11.2 The vision of NFCG is to facilitate
and become the reference point for the
highest standards of corporate
governance in India. To achieve its
objec ves, NFCG has been working
closely with Partner Ins tu ons (i.e., CII,
ICSI, ICAI & ICoAI) and Accredited
Ins tu ons Na onal Centre for Corporate
Governance (NCCG) in building capacity of
the corporate professionals including the
directors of the companies, conduc ng
academic research works and organizing
various programmes aimed at promo ng
v o l u n ta r y a d o p o n o f C o r p o ra te
Governance as the key to sustainable
wealth crea on. Over the years, more
than 400 programmes and 47 research
works in different areas of Corporate
Governance were conducted under the
aegis of NFCG. During the period
November 1, 2021 to October 31, 2022,
around 41 seminars/orienta on
79
programmes were organized and 2
research works were conducted on
various facets of the corporate
governance. Since its set up, NFCG has
been playing a cri cal role in promo ng
corporate governance culture among the
corporate en es in the country.
7.11.3 Further, the Ministry in associa on
with the NFCG presented a film - “Journey
of Corporate Governance in India: A
Panorama” on June 7, 2022. The film was
released by the Hon’ble Minister of
Finance and Corporate Affairs, Smt.
Nirmala Sitharaman as a part of Azadi Ka
Amrit Mahotsav. The film showcased the
evolu on of Corporate Governance in
India, and the significant ini a ves
undertaken by MCA, more par cularly in
last 8 years, in the area of corporate
governance, to facilitate ease of doing
business and ease of living in the country.
Ci zen’s/ Client’s Charter
7.12.1 MCA, being a regulatory Ministry,
has regular public interac ons for
performing its regulatory func ons, which
most o en take form of rendering its
services to various stakeholders. The
Ministry has posted a detailed
Ci zen’s/Client’s Charter, accessible on its
website. In this Charter, the Ministry has
given a detailed list of ser vices/
t ra n s a c o n s , p ro c e s s e s i nvo l ve d ,
requisite documents and fees applicable
in its Ci zen’s Charter. It has also set the
standardsof performance/ me limits
against each of the services / transac ons.
The same is at Annexure-VII of this
Report.
Representa on of Scheduled Castes 7.13.2 The representa on of Scheduled
(Scs), Scheduled Tribes (STs), Other Castes (SCs), Scheduled Tribes (STs) and
Backward Classes (OBCs) Other Backward Classes (OBCs) in the
Ministry in respect of employees working
7.13.1 The representa on of Scheduled
in field offices and headquarters under
Castes (SCs), Scheduled Tribes (STs) and
administra ve control of Administra on-
Other Backward Classes (OBCs) in the
II sec on is as shown in Table 7.10 below:
Ministry in respect of cadres under the
purview of Administra on-I Sec on is
shown in Table 7.9.
Table 7.9
Representa on of SCs, STs and OBCs among Officers/ Officials group-wise for the year 2022-23
as on November 1, 2022
Group Sec oned Strength In posi on
Total SC ST OBC
A 70 57 03 03 05
B 103 58 08 02 06
C 85 60 10 00 14
Total 258 175 21 05 25

Table 7.10
Representa on of SCs, STs and OBCs in the Headquarter and Field Offices
(As on October 31, 2022)
Group Sec oned Strength In posi on

Total SC ST OBC EWS PH Other (UR)

A 300 250 35 26 56 07 02 126

B 485 328 66 32 57 03 04 170
C 667 189 36 26 44 01 04 82
Total 1452 767 137 84 157 11 10 378

Investor Grievance Management Cell
7.14.1 The Ministry received 17,574 (with
a backlog of 213) grievance pe ons from
the investors/depositors on the
CPGRAMS Portal from November 1, 2021
to October 31, 2022. As on October 31,
2022, a total of 17,123 grievances were
resolved with subordinate offices.
7.14.2 Further, IGM Sec on received 584
off-line grievances out of which 582
grievances pertaining to other agencies &
ministries/ Department were forwarded
for necessary ac on to respec ve offices
such Ministry of Coopera on, Ministry of
Finance (Department of Financial
Services), Ministry of Labour &

80
Employment, Ministry of Housing and
Urban Affairs, Ministry of Law & Jus ce,
Department of Economic Affairs, Central
Vigilance Commission, SEBI, RBI, IRDA,
U ar Pradesh Secretariat etc. 02
grievances pertaining to Ministry of
Corporate Affairs were sent to concerned
offices for redressal.
Right To Informa on
7.15.1 MCA is a Public Authority under the
provisions of the Right to Informa on Act,
2005. In order to comply with the
provisions of the Right to Informa on Act,
2005, the Ministry has made
arrangements under this landmark Act.
7.15.2 In order to fulfil the obliga ons and
provisions under Sec on 4(1)(b) of the
Right to Informa on Act, 2005, the
updated informa on has been uploaded
on the website (www.mca.gov.in) of the
Ministry along with brief descrip on of
s u b j e c t m a e rs d e a l t b y va r i o u s
Sec ons/Divisions/Cells of the Ministry.
The informa on is being kept in the public
domain and is updated regularly. The
officers of the Ministry have been
Table 7.11
Details of RTI Requests and Appeals from 01.11.2021 to 31.10.2022
Sl. No. Descrip on
1. Total no. of applica ons received
2. Transferred to other Public Authori es
3. Decisions where requests for informa on were rejected
4. Total no. of appeals received
5. No. of cases where disciplinary ac on was taken against any officer in
respect of administra on of the Act
6. No. of cases where CIC imposed penalty
81
declared as the Central Public Informa on
Officers (CPIOs) and the Appellate
Authori es (AAs) as per their allo ed
work. Field offices under this Ministry
have also been declared as Public
Authori es under the Right to
Informa on Act. Applica ons/appeals
under right to informa on are also being
received through Central Assistant Public
Informa on Officers (CAPIOs) nominated
at Sub-Divisional level or Sub-District level
by the Department of Posts. Further, most
of the Public Authori es of MCA have
been aligned with the RTI-MIS Portal
which facilitate the ci zens to make
applica ons and appeals online.
7.15.3 S i m i l a r l y, a r r a n g e m e n t s t o
implement proac ve disclosure have
been made by other Public Authori es
under the ambit of Ministry of Corporate
Affairs viz. NCLT, CCI, SFIO, IICA, NCLAT,
ICAI, ICSI, ICoAI, NFRA, IBBI and IEPF.
7.14.4 T h e s t a s c s i n r e s p e c t o f
applica ons and appeals received under
the right to informa on in the MCA(Hqrs.)
from November 1, 2021 to October 31,
2022 are given below at Table 7.11:
Number
2280
854
8
99
Nil
Nil
Interna onal Coopera on
7.16.1 Prior approval of the Cabinet was taken during the period from November 1, 2021 to
October 31, 2022 for the following MoUs/MRAs:
Table 7.12
MoUs/ MRAs that received prior approval of the Cabinet
Sl. No. Subject/Title Cabinet approval date Signing date
1. Memorandum of Understanding (MoU) between 22.12.2021 23.02.2022
Compe on Commission of India (CCI) and Compe on
Commission of Mauri us (CCM)
2. Memorandum of Understanding (MoU) between The 22.12.2021 10.08.2022
Ins tute of Chartered Accountants of India (ICAI) and
The Polish Chamber of Statutory Auditors (PIBR)
3. Memorandum of Understanding (MoU) between The 15.02.2022 31.03.2022
Ins tute of Chartered Accountants of India (ICAI) and
College of Banking and Financial Studies (CBFS), Oman
to establish mutual co-opera on for strengthening the
accoun ng, financial and audit knowledge base within
Oman.
4. Renewal of Memorandum of Understanding (MoU) Approval of Hon’ble 21.11.2022
between the Ins tute of Chartered Accountants of India Corporate Affairs
(ICAI) and the Ins tute of Chartered Accountants of Minister for renewal
Nepal (ICAN) of MoU with Nepal
conveyed to
ICAI on 14.07.2022.
5. Memorandum of Understanding (MoU) between The 14.09.2022 21.11.2022
Ins tute of Chartered Accountants of India (ICAI) and
The Ins tute of Chartered Accountants of Nigeria (ICAN)
to establish areas of co-opera on and collabora on for
the mutual benefit of both ICAI and ICAN members and
to enhance the reputa on and influence of both Par es
within their respec ve home countries as well as globally
*MoU between ICAI and Azerbaijan (CAAR) approved by the Union Cabinet on 08.09.2021 and indicated as “to be signed
shortly” in the Annual Report of the year 2021-2022, was signed by ICAI on 16.09.2022

Budget of the Ministry 2022-23

7.17.1 The details of the Revenue Receipts and Expenditure (Capital and Revenue) of the Ministry are
given below (Table 7.13 and Table 7.14)
Table 7.13
Revenue Receipts (₹ in Crore)
Year 2018-19 2019-20 2020-21 2021-22 2022-23
(as on 07.11.2022) *
Revenue 2,752.87 4,148.84 2,125.46 2933.50 1,664.39
Figures upto 31.10.2022

82
 Table 7.14
Expenditure (Revenue & Capital)
(₹ in Crore)
Item Actual Expenditure Budget Es mate Actual Expenditure
2021-22 2022-23 2022-23 (up to 31.10.2022)
Revenue 588.78 692.52 284.36
Capital 40.18 40.50 5.31
Total 628.96 733.02 289.67

83
ANNEXURE
(I to VIII)
i
 Annexure-II

List of no fied designated Special Court for various States/UTs

(01.11.2021 to 31.10.2022)
Sl. No. No fica on Number Date Subject
(1) (2) (3) (4)
1. S.O.2099(E) 05.05.2022 Designa on of Special Court in the
State of Jharkhand, Ranchi

ii
 Annexure-III
No fica ons issued during November 1, 2021 to October 31, 2022
under the Companies Act, 2013

Sl.No. No fica on Number Date Subject

(1) (2) (3) (4)
1. G.S.R. 12(E) 11.01.2022 Companies Registra on Offices and Fees Amendment
Rules, 2022
2. S.O.621(E) 11.02.2022 No fica on for Commencement of sec ons 1 to 29 of
LLP (Amendment) Act, 2021
3. S.O.622(E) 11.02.2022 Appointment of Registrar of Companies as Adjudica on
Officers under the LLP Act 2008 dated 11.02.2020
4. S.O.623(E) 11.02.2022 Delega on of powers under sec on 17 of LLP Act 2008
to Regional Directors
5. G.S.R. 107 (E) 11.02.2022 Companies Accounts Amendment Rules, 2022
6. G.S.R. 109 (E) 11.02.2022 LLP (Amendment) Rules, 2022
7. G.S.R. 110 (E) 11.02.2022 No fica on under sec on 67 of LLP Act 2008 of applying
to LLPs, sec ons 90, 164, 165 sub sec on (5) of Sec on
206, sub sec on (3) of sec on 207, sec on 252 and
sec on 439 of Companies Act, 2013
8. G.S.R. 173 (E) 04.03.2022 LLP (2nd Amendment) Rules, 2022
9. G.S.R. 235(E) 31.03.2022 Companies (Accounts) Second Amendment Rules, 2022
10. G.S.R. 255(E) 23.03.2022 Companies (Indian Accoun ng Standards) Amendment
Rules, 2022
11. G.S.R. 279(E) 06.04.2022 Companies (Management and Administra on)
Amendment Rules, 2022
12. G.S.R. 291(E) 08.04.2022 Companies (Incorpora on) Amendment Rules, 2022
13. G.S.R.320(E) 27.04.2022 Companies (Registra on of Charges) Amendment Rules,
2022
14. G.S.R. 335(E) 04.05.2022 Companies (Share Capital and Debentures) Amendment
Rules, 2022
15. G.S.R.338(E) 05.05.2022 Companies Prospectus and Allotment of Securi es
Amendment Rules, 2022
16. G.S.R. 363(E) 20.05.2022 Companies (Incorpora on)second Amendment Rules, 2022
17. G.S.R.401(E). 30.05.2022 Companies (Compromises, Arrangements and
Amalgama ons) Amendment Rules, 2022
18. G.S.R. 407(E) 31.05.2022 Companies (Accounts) Third Amendment Rules, 2022
19. G.S.R. 410(E) 01.06.2022 Companies (Appointment and Qualifica on of Directors)
Amendment Rules, 2022
20. G.S.R. 436(E) 09.06.2022 Companies (Removal of Namesof Companies from the
Register of Companies) Amendment Rules, 2022
21. G.S.R. 624(E) 05.08.2022 Companies Accounts Fourth Amendment Rules, 2022
22. G.S.R. 643(E) 18.08.2022 Companies Incorpora on Third Amendment Rules, 2022
23. G.S.R.658(E) 24.08.2022 The Companies (Removal of Names of Companies from the
Register of Companies) Second Amendment Rules, 2022
24. G.S.R. 664(E) 29.08.2022 The Companies (Registra on of Charges) Second
Amendment Rules, 2022
25. G.S.R. 663(E) 29.08.2022 The Companies (Acceptance of Deposits) Amendment
Rules, 2022
26. G.S.R. 700(E) 15.09.2022 Companies Specifica on of defini on details
Amendment Rules, 2022

iii
 Annexure-IV

Circulars issued during November 1, 2021 to October 31, 2022

under the Companies Act, 2013
Sl.No. No fica on Number Date Subject
(1) (2) (3) (4)
1. Circular No. 19/2021 08.12.2021 Clarifica on of holding of Annual General Mee ng
(AGM) through Video Conferencing (VC) or Other Audio-
Visual Means (OAVM).
2. Circular No. 20/2021 08.12.2021 Clarifica on on passing of Ordinary and Special
resolu ons by the companies under Companies Act,
2013 read with rules made thereunder on account of
COVID-19- Extension of meline.
3. Circular No. 21/2021 14.12.2021 Clarifica on of holding of Annual General Mee ng
(AGM) through Video Conferencing (VC) or Other Audio-
Visual Means (OAVM).
4. Circular No. 22/2021 29.12.2021 Relaxa on on levy of addi onal fees in filing of c-forms
AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and
MGT-7/MGT-7A for the financial year ended on March
31, 2021 under the Companies Act. 2013.
5. Circular No. 01/2021 14.02.2022 Relaxa on on levy of addi onal fees in filing of c-forms
AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and
MGT-7/MGT-7A for the financial year ended on March
31, 2021 under the Companies Act. 2013.
6. Circular No. 02/2022 05.05.2022 Clarifica on of holding of Annual General Mee ng
(AGM) through Video Conferencing (VC) or Other Audio-
Visual Means (OAVM).
7. Circular No. 03/2022 05/05/2022 Clarifica on on passing of Ordinary and Special
resolu ons by the companies under Companies Act,
2013 read with rules made thereunder on account of
COVID-19- Extension of meline.
8. Circular No. 04/2022 27.05.2022 Relaxa on in paying addi onal fees in case of delay in
filing Form 11 (Annual Return) by Limited Liability
Partnerships up to June 30, 2022.
9. Circular No. 05/2022 30.05.2022 Micro Finance / Micro Credit as an object in the Object
Clause of Memorandum of Associa on (MOA) of Sec on
8 companies registered under the Companies Act, 2013.-
Clarifica on.
10. Circular No. 06/2022 31.05.2022 Relaxa on in paying addi onal fees in case of delay in
filing all the events-based e-forms by Limited Liability
Partnerships which are due on and a er February 25,
2022 to May 31, 2022 up to June 30, 2022.
11. Circular No. 07/2022 29.06.2022 Further relaxa on in paying addi onal fees in case of
delay in filing Form 11 (Annual Return) by Limited
Liability Partnerships up to July 15, 2022.
12. Circular No. 09/2022 28.09.2022 Extension of me for filing e-form DIR-3 KYC and web-
form DIR-3-KYC-WEB without fee upto October 15, 2022.

iv
 Annexure-V

Judicial and Technical Members of the Na onal Company Law Appellate Tribunal

Sl. No. Name Post

1. Jus ce Ashok Bhushan Chairperson

2. Hon’ble Mr. Jus ce M. Venugopal Judicial Member

3. Hon’ble Mr. Jus ce Anant Bijay Singh Judicial Member

4. Hon’ble Mr. Jus ce Rakesh Kumar Jain Judicial Member

5. Hon'ble Mr. Jus ce Rakesh Kumar Judicial Member

6. Hon’ble Mr. Kanthi Narahari Technical Member

7. Hon’ble Dr. Alok Srivastava Technical Member

8. Hon’ble Ms. Shreesha Merla Technical Member

9. Hon’ble Mr. Barun Mitra Technical Member

10. Hon’ble Mr. Naresh Salecha Technical Member

11. Shri. Peeush Pandey Registrar

v
Judicial Members of the Na onal Company Law Tribunal (as on November 15, 2022)

Sl. No. Name Post

1. Chief Jus ce (Retd.) Ramalingam Sudhakar President

2. Dr. Deep Mukesh Judicial Member

3. Mr. M.B. Gosavi Judicial Member

4. Shri Pa bandla Satyanarayana Prasad Judicial Member

5. Shri Venkata Subba Rao Hari Judicial Member

6. Jus ce (Retd.) Pradeep Narhari Deshmukh Judicial Member

7. Jus ce (Retd.) Telaprolu Rajani Judicial Member

8. Shri Rohit Kapoor Judicial Member

9. Shri Harnam Singh Thakur Judicial Member

10. Dr. Venkata Ramakrishna Badarinath Nandula Judicial Member

11. Shri Bachu Venkat Balarama Das Judicial Member

12. Shri P. Mohan Raj Judicial Member

13. Shri Deep Chandra Joshi Judicial Member

14. Shri Kishore Vemulapalli Judicial Member

15. Jus ce T Krishnavalli Judicial Member

16. Shri Ashok Kumar Bhardwaj Judicial Member

17. Smt Bidisha Banerjee Judicial Member

18. Shri Kuldip Kumar Kareer Judicial Member

19. Shri Praveen Gupta Judicial Member

vi
Technical Members of the Na onal Company Law Tribunal (as on November 15, 2022)

Sl. No. Name Post

1. Shri L. N. Gupta Technical Member

2. Dr. Binod Kumar Sinha Technical Member

3. Shri Avinash K. Srivastava Technical Member

4. Shri Rahul Prasad Bhatnagar Technical Member

5. Shri Subrata Kumar Dash Technical Member

6. Shri Manoj Kumar Dubey Technical Member

7. Shri Ajai Das Mehrotra Technical Member

8. Shri Sameer Kakar Technical Member

9. Shri Kaushalendra Kumar Singh Technical Member

10. Shri Prasanta Kumar Mohanty Technical Member

11. Shri Balraj Joshi Technical Member

12. Shri Shyam Babu Gautam Technical Member

13. Ms. Anuradha Sanjay Bha a Technical Member

14. Shri Satya Ranjan Prasad Technical Member

15. Shri Atul Chaturvedi Technical Member

16. Sh Ashish Verma Technical Member

17. Smt Anu Jagmohan Singh Technical Member

18. Shri Charan Singh Technical Member

19. Shri Prabhat Kumar Technical Member

vii
 Annexure-VI
List of the Benches of Na onal Company Law Tribunal
Sl. No. Title of Bench Loca on Jurisdic on of the Bench
(1) (2) (3) (4)
1. (a) NCLT, Principal Bench Block No. 3, Ground Floor, 6th, 7th & (1) Union Territory of Delhi
(b) NCLT, New Delhi Bench 8th Floor, CGO Complex, Lodhi Road,
New Delhi-110003
2. NCLT Ahmedabad Bench Anand House, Ground, 1st and (1) State of Gujarat
2nd Floor, S.G. Highway, Thaltej, (2) Union Territory of Dadra and
Ahmedabad-380054 Nagar Haveli
(3) Union Territory of Daman and Diu
3. NCLT Allahabad Bench 6/7-B, Panna Lal Road, (1) State of U ar Pradesh
Prayagraj-211002 (2) State of U arakhand
4. NCLT Amrava Bench 2nd Floor, APIIC Towers, IT Park, (1)State of Andhra Pradesh
Mangalagiri, Guntur, Andhra Pradesh.
5. NCLT Bengaluru Bench Corporate Bhawan, 12th Floor, Raheja (1) State of Karnataka
Towers, M.G., Road, Benguluru-560001
6. NCLT Chandigarh Bench Ground Floor, Corporate (1) State of Himachal Pradesh
Bhawan, Sector-27 B, Madhya (2) Union Territory of Jammu and
Marg, Chandigarh-160019 Kashmir
(3) UT Ladakh
(4) State of Punjab
(5) Union Territory of Chandigarh
(6) State of Haryana
7. NCLT Chennai Bench Corporate Bhawan (UTI Building), (1) State of Tamil Nadu
3rd Floor, No. 29 Rajaji Salai, (2) Union Territory of Puducherry
Chennai-600001
8. NCLT Cu ack Bench Corporate Bhawan, CDA, (1) State of Chha sgarh
Sector-1, Cu ack-753014 (2) State of Odisha.
9. NCLT Guwaha Bench 4th Floor, Prithvi Planet Behind (1) State of Arunachal Pradesh
Hanuman Mandir, G.S. Road, (2) State of Assam
Guwaha -781007 (3) State of Manipur
(4) State of Mizoram
(5) State of Meghalaya
(6) State of Nagaland
(7) State of Sikkim
(8) State of Tripura
10. NCLT Hyderabad Bench Corporate Bhawan, Bandlaguda (1) State of Telangana
Ta annaram Village, Hayatnagar Mandal,
Rangareddy District, Hyderabad-500068
11. NCLT Indore Bench Office No 1&7, RCM-11, Anandavan, (1) State of Madhya Pradesh
Sch No 140, Indore- 452016,
Madhya Pradesh
12. NCLT Jaipur Bench Corporate Bhawan, Residency (1) State of Rajasthan.
Area, Civil Lines, Jaipur-302001
13. NCLT Kochi Bench Company Law Bhawan, BMC Road, (1) State of Kerala
Thrikkakara -(PO) Kakkanand, (2) Union Territory of Lakshadweep
Kochi-682021 (Kerala)
14. NCLT Kolkata Bench 5, Esplanade Row (West), (1) State of Bihar
Town Hall Ground and 1st Floor (2) State of Jharkhand
Kolkata-700001 (3) State of West Bengal
(4)Union Territory of Andaman
and Nicobar Island
15. NCLT Mumbai Bench 6th Floor, Fountain Telecom (1) State of Maharashtra
Building No.1, Near Central (2) State of Goa
Telegraph, M.G. Road,
Mumbai-400001.

viii
 Annexure-VII
Ci zens’/ Clients’ Charter Ministry of Corporate Affairs
Sl. No. Services/ Transac ons Measurement criteria of performance Service Standard
in this area
(1) (2) (3) (4)
1. Availability of names for Maximum me to inform deficiencies in the 1 working day
new company applica on from the date of receipt of the
applica on
Maximum me taken to communicate approval 1 working day
by the concerned ROC on receipt of the
applica on
2. Incorpora on of a Maximum me to inform deficiencies in the 1 working day
Company applica on from the date of receipt of the
applica on
Maximum me taken to communicate approval 1 working day
and issue of cer ficate of Incorpora on by the
concerned ROC on receipt of the applica on
3. Registra on of Maximum me to inform deficiencies in the 2 working days
unregistered Companies applica on from the date of receipt of the
applica on
Maximum me taken to issue of cer ficate of 2 working days
Registra on by the concerned ROC on receipt
of approval
4. Registra on of a place of Maximum me to inform deficiencies in the 2 working days
Business in India by a applica on from the date of receipt of the
company incorporated applica on
outside India Maximum me taken to issue of cer ficate by 1 working day
the concerned ROC on receipt of approval
5. Change of name of the Maximum me to inform deficiencies in the 3 working days
Company applica on from the date of receipt of the
applica on
Maximum me taken to issue of cer ficate by 3 working days
the concerned ROC on receipt of approval
6. Registra on for change of Maximum me to inform deficiencies in the 3 working days
objects of the Company applica on from the date of receipt of the
applica on
Maximum me taken to issue of cer ficate by 2 working days
the concerned ROC on receipt of approval
7. Conversionof Private Maximum me to inform deficiencies in the 3 working days
Company to Public applica on from the date of receipt of the
company applica on
Maximum me taken to issue of cer ficate by 3 working days
the concerned ROC on receipt of approval
8. Conversion of unlimited Maximum me to inform deficiencies in the 3 working days
Company to limited applica on from the date of receipt of the
Company applica on
Maximum me taken to issue of cer ficate by 3 working days
the concerned ROC on receipt of approval
9. Registra on of a Maximum me to inform deficiencies in the 2 working days
Prospectus before issue applica on from the date of receipt of the
of IPO or FPO applica on
Maximum me taken to issue acknowledgement 1 working day
by the concerned ROC from the date of receipt
of the applica on

ix
 Ci zens’/ Clients’ Charter Ministry of Corporate Affairs
Sl. No. Services/ Transac ons Measurement criteria of performance Service Standard
in this area
(1) (2) (3) (4)
10. Registra on of Charge Maximum me to inform deficiencies in the 3 working days
crea on/ modifica on/ applica on from the date of receipt of the
sa sfac on applica on
Maximum me taken to issue of cer ficate by 2 working days
the concerned ROC on receipt of approval
11. Condona on of delay in Maximum me to inform deficiencies and take 20 working days
filing of sa sfac on of up queries and clarifica on on the applica on
charge receipt of the from the date of applica on
Maximum me taken to issue of order gran ng 10 working days
condona on by the concerned Regional Director
on receipt of approval
12. Applica on for extension Maximum me to inform deficiencies in the 5 working days
of me to hold AGM applica on from the date of receipt of the
applica on
Maximum me taken to communicate approval 2 working days
by the concerned ROC on receipt of approval
13. Registra on of Court or Maximum me to inform deficiencies in the 2 working days
NCLT or RD order. applica on from the date of receipt of the
applica on
Maximum me taken for gran ng of license to 2 working days
the applicant on receipt of duly completed
applica on form with required documents
14. Issuance of cer fied Maximum me to inform deficiencies in the 4 working days
copies of documents of a applica on from the date of receipt of the
company applica on
Maximum me taken to issue cer fied copy of 3 working days
the document on receipt of duly completed
applica on form with required documents
15. Issuance of Director Maximum me to inform deficiencies in the 1 working day
Iden fica on Number applica on from the date of receipt of the
(DIN) applica on
Maximum me taken to issue approval le er 1 working day
gran ng DIN on receipt of duly completed
applica on form with required documents
16. Change in DIN Par culars Maximum me to inform deficiencies in the 1 working day
applica on from the date of receipt of the
applica on
Maximum me taken to issue le er for changing 1 working day
DIN on receipt of duly completed applica on
form with required documents
17. Conversion of company to Maximum me to inform deficiencies in the 2 working days
LLP applica on from the date of receipt of the
applica on
Maximum me taken to issue cer ficate of 3 working days
conversion on receipt of duly completed
applica on form with required documents
18. Shi ing of registered Maximum me to inform deficiencies and take 30 working days
office of the company up queries and clarifica on on the applica on
from one State to another from the date of receipt of the applica on

x
 Ci zens’/ Clients’ Charter Ministry of Corporate Affairs
Sl. No. Services/ Transac ons Measurement criteria of performance Service Standard
in this area
(1) (2) (3) (4)
Maximum me taken to issue order confirming 15 working days
the change of Registered Office of a Company
on receipt of duly completed applica on form
with required documents
19. Shi ing of registered Maximum me to inform deficiencies in the 45 working days
office of the company applica on from the date of receipt of the
from one RoC to another applica on
RoC within the State
Maximum me taken to issue order confirming 15 working days
the change of Registered Office of a Company
on receipt of duly completed applica on form
with required documents
20. Grant of license under Maximum me to inform deficiencies in the 5 working days
Sec on 8 of the applica on from the date of receipt of the
Companies Act, 2013 applica on
Maximum me taken for gran ng of license to 2 working days
the applicant on receipt of duly completed
applica on form with required documents
21. Appointment or Maximum me to inform deficiencies in the 15 working days
Reappointment and applica on from the date of receipt of the
payment of remunera on applica on
to or payment of
increased remunera on Maximum me taken for communica ng 30 working days
to or waiver of recovery approval on receipt of applica on completed in
of excess remunera on all respect
paid to Managing Director
/ Whole- Time Director/
Manager/ Chief Execu ve
Officer. ‘Sec on 197 has
been amended to Omit
the requirement the
approval of Central
Government for payment
of remunera on to the
managerial personnel (in
case of inadequancy of
profits) w.e.f. 12.09.2018
vide No fica on No. S.O.
48822 (E )’. Statutory
applica ons filed by Nidhi
Companies for declara on
/upda on under Sec on
406 of Companies Act,
2013/Nidhi Rules, 2014 as
amended.
22. Investor Grievance Maximum me taken to dispose of from the 30 working days
Redressal/ CPGRAMS date of receipt of grievance
23. Other Grievances/ Maximum me taken to dispose of from the 15 working days
Complaints related to date of receipt of grievance
MCA- 21

xi
 Ci zens’/ Clients’ Charter Ministry of Corporate Affairs
Sl. No. Services/ Transac ons Measurement criteria of performance Service Standard
in this area
(1) (2) (3) (4)
24. Applica on for seeking Maximum me to inform deficiencies from 3 working days
status of Company as date of receipt of the form
dormant under Sec on Maximum me to communicate approval or
455 of the Companies 2 working days
in ma on about the form having been taken
Act, 2013 on record
25. Applica on for seeking Maximum me to inform deficiencies from 3 working days
status of Company as date of receipt of the form
ac ve under Sec on 455 Maximum me to communicate approval or 2 working days
of the Companies Act, in ma on about the form having been taken
2013 on record

26. Registra on of in ma on Maximum me to inform deficiencies from 3 working days

about appointment of date of receipt of the form
Receiver/ Manager Maximum me to communicate approval or 2 working days
[Sec on 84(1)] of the in ma on about the form having been taken
Companies Act, 2013 on record
27. Condona on of delay u/s Maximum me to inform deficiencies in the 15 working days
460 of the Companies Act, applica on from the date of receipt of the
2013 applica on
Maximum me taken to issue of approval by CG 30 working days
28. For change in Financial Maximum me to inform deficiencies and take
Year under sec on 2(41) up queries and clarifica ons on the applica on
of the Act and Rule 40 of from the date of receipt of the applica on
the Companies
(Incorpora on) rules, 2014 Maximum me taken to issue order on receipt 30 Working Days
or resubmission of duly completed applica on
form with required documents
29. Conversion from Public Maximum me to inform deficiencies and take 45 Working Days
to private under sec on up queries and clarifica ons on the applica on
14(1) (2nd proviso) and from the date of receipt of the applica on
Rule 41 of the Companies
(Incorpora on) rules, 2014 Maximum me taken to issue order on receipt 30 Working Days
or resubmission of duly completed applica on
form with required documents or a er holding
hearing in the ma er as the case may be.
30. Refund of claims Maximum me for comple ng the processing 60 working days
(dividends and other of claim applica on from the date of receipt of
amounts remaining applica on along with verifica on report &
unclaimed/ unpaid for a complete requisite documents
period of 7 years or more
are transferred to Investor
Educa on and Protec on
Fund Authority as per
Sec ons 124/125 of
Companies Act, 2013.
Further, the shares
corresponding to the
dividends are also trans-
ferred to IEPF Authority)
from IEPF Authority.

xii
 Annexure VIII

Members of the Compe on Commission of India (CCI)

Sl. No. Name Post (Present)

1. Dr. Sangeeta Verma Ac ng Chairperson

2. Shri Bhagwant Singh Bishnoi Member

Members of the Insolvency and Bankruptcy Board of India (IBBI)

Sl. No. Name Post

1. Shri. Ravi Mital Chairperson

2. Sh. Sudhaker Shukla Whole- me Member

3. Shri. Jayan Prasad Whole- me Member

4. Ms. Reetu Jain Ex-officio Member

5. Smt. Anita Shah Akella Ex-officio Member

6. Dr. Rajiv Mani Ex-officio Member

7. Sh. Unnikrishnan A Ex-officio Member

8. Dr. Krishnamurthy Subramanian Part- me Member

9. Sh. B. Sriram Part- me Member

xiii