Limited Liability Company (LLP) and companies are brought under the Ministry of Corporate Affairs under the provisions of the LLP Act, 2008 and the Companies Act, 2013. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Lok Sabha today.
The Minister said that 1,67,080 companies were registered during FY 2021-22 compared to 1,55,377 in the previous year. Further, 43,050 LLPs were registered during FY 2020-21 compared to 42,187 in the previous year.
On the National Financial Reporting Authority (NFRA), the Minister said that the Company Law Committee set up by the Ministry of Corporate Affairs in its March 2022 report (Chapter 1(11)) among other things recommended that the NFRA be empowered to take appropriate action against other violations of the NFRA Rules, 2018, in addition to its existing powers to take action against “professional or other misconduct”. The report is available on the website of the Ministry of Corporate Affairs (www.mca.gov.in), the minister said.
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