The Indian Corporate Law Service (ICLS) is Group ‘A’ services which is regulatory service for the corporate sector in India. It functions under the Ministry of Corporate Affairs, Government of India. The service is entrusted with the responsibility of the implementation of Companies Act,1956, Companies Act, 2013 and The Limited liability Partnership Act, 2008. It was established in 1967 for the effective implementation and administration of the Companies Act. In 2002 the service was named Indian Company Law Service.
Indian Corporate Law Service
Roles and Responsibilities
- To administer the Companies Act, the LLP Act and a few other related acts.
- As Registrar of Companies (RoC), the officers register the companies and partnerships floated. It is their duty to ensure that all the companies are filing their annual returns and balance sheets, and all other documents. The RoC can also carry out an investigation and initiate prosecution against criminal and civil offences in this regard.
- As Official Liquidators (OLs), the officers are responsible for liquidating the companies as ordered by the courts. They are responsible for taking control of the companies’ assets, recover debts, sell the company assets via public auction, settle creditors’ claims, etc.
- As Regional Directors (RD), the officers are the heads of the Regional Directorates. The RD is the senior-most ICLS officer in a region, there being seven Regional Directorates in India. The RDs supervise the work of the RoCs and the OLs.
- The overall mandate for the service is to empower and regulate the corporate sector for this country and to protect the rights of the investors, particularly small investors.
Training
The training of the ICLS officers takes place at the ICLS Academy located in the Indian Institute of Corporate Affairs, Manesar, Haryana for a period of ten months. This induction training familiarises the Probationary Officers (POs) with the provisions of the Companies Act, the Limited Liability Partnership Act (LLP Act), and other allied acts. It also teaches them about bookkeeping and accounts, Indian Penal Codes, concepts in Economics, Law and Management.
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