ICLS stands for Indian Corporate Law Service. It is a term related to Departments and agencies, Useful Terms and Definitions which we use in daily life but we do not know their full name meaning, Here’s a list of important abbreviations that you should know.
|ICLS||Indian Corporate Law Service|
|Category||Departments and agencies|
Full Form of ICLS
The full form of ICLS is the Indian Corporate Law Service. ICLS is a regulatory service for the enterprise sector in India. It is one of the Central Civil Service (Group A) and operates under the Indian Government’s Ministry of Corporate Affairs.
Entry into this service through UPSC CSE did not begin until 2009. The main task of this Group “A” service is to implement the Companies Act 1956, the Companies Act 2013 and the Limited Liability Company (LLP Act) 2008. The article is about the Indian Corporate Law Service (ICLS), functions, training, hierarchy and remuneration.
Here you learn the full name and complete information of Indian Corporate Law Service, if you have questions and answers related to ICLS, then tell us your thoughts in the comment, know the complete meaning of ICLS in this article.
History of ICLS
Established in 1967 as the technical service to administer the Companies Act, 1956 as the Company Law Service, it was renamed the Indian Company Law Service in 2002. The service operated at the Ministry of Finance (Company Affairs Department) until 2004, after which an independent ministry was created under the name of the Ministry of Corporate Affairs, which is to manage the corporate sector in India.
The service was renamed the Indian Corporate Law Service in 2008 and was included in the Civil Services Examination as a structured general service to attract the best talent to meet the challenges of the growing Indian industry and to reflect the changes the Indian corporate sector has undergone over the past few decade The first batch of officers recruited under the civil service exam was introduced in 2009.
Roles and responsibilities of ICLS
Too administer the Companies Act, the LLP Act and several other related acts.
As Registrar of Companies (RoC), officials register companies and partnerships. It is their responsibility to ensure that all companies submit their annual reports and balance sheets and all other documents. The RoC can also investigate and initiate criminal and civil proceedings in this regard.
As Official Liquidators (OL), officers are responsible for liquidating companies in accordance with a court order. They are responsible for taking control of companies ‘assets, recovering debts, selling company assets at a public auction, settling creditors’ claims, etc.
As regional directors (RD), officers are heads of regional directorates. The RD is the most senior ICLS officer in the region, and there are seven regional directorates in India. RD oversee the work of ROC and OL.