Updated on: 16th MAY 2023 03:53 PM IST | Mumbai
S S NADAR | news@debotimes.in

Indian Corporate Law Services officers in the western region and Mumbai informed the Union Minister for Statistics & Programme Implementation about the balance achieved between compliance and ease of doing business.

Hon'ble Union Minister of Statistics & Programme Implementation, Planning and Minister of State for Corporate Affairs, Rao Inderjit Singh on Monday conducted a review of the Regional Directorate (Western Region), Official Liquidator, Mumbai and Registrar of Companies, Mumbai.

Santosh Kumar, ICLS, Regional Director (Western Region) gave an overview of the functioning of the various offices under his jurisdiction.

He gave a detailed review of the delegated power exercised by his office under the Companies Act, 2013. He stated that there has been an increase in the number of Inquiry, Inspection, Investigation (3i) reports submitted, companies and LLPs struck off, prosecutions filed and compounding orders passed in the past few quarters since he has taken charge.

MoS Rao Inderjit Singh briefed on policies, powers of the ROC office

Benudhar Mishra, ICLS, ROC Mumbai briefed the Hon'ble Minister about the administrative, regulatory, investigative and quasi-judicial powers of the ROC office. He elaborated on the delicate balance being achieved by the office between Ease of Doing Business while also having a deterrent effect by penalizing the errant companies.

He gave the example of recent drives undertaken against companies failing to appoint Women Directors and spend CSR funds. Chandan Kumar, ICLS, Official Liquidator, Mumbai spoke about the salutary impact of the Insolvency and Bankruptcy Code on the Official Liquidator's office and stated that synergy is being achieved through harmonious interpretation of the old and new provisions of the law to ensure beneficial interpretation for all stakeholders.

OL office will continue to be relevant

He further stated that being the largest OL office in the country, its role will continue to be relevant in the upcoming years.

Rujuta Bankar, ICLS, AROC, Mumbai, spoke about corporate criminal prosecution being handled by the office. The Hon'ble Minister reviewed the infrastructure and manpower of the field offices and directed that the field offices should work towards the welfare of all stakeholders.