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Team Studycafe | Aug 2, 2022 | Views 2

167080 companies registered in FY 2021-22 as compared to 155377 in FY 2020-21

167080 companies registered in FY 2021-22 as compared to 155377 in FY 2020-21

Limited Liability Partnership (LLP) and Companies are incorporated under the Ministry of Corporate Affairs as per the provisions of LLP Act, 2008 and 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 provided more information, stating that 1,67,080 companies were registered during FY 2021–2022 as opposed to 1,55,377 the year before. Additionally, 43,050 LLPs were registered during FY 2020–21 as opposed to 42,187 the year before.

Regarding the National Financial Reporting Authority (NFRA), the Minister noted that the Company Law Committee, established by the Ministry of Corporate Affairs, recommended, among other things, that NFRA be given additional authority to take appropriate action against other violations of the NFRA Rules, 2018, in addition to its current authority to do so against “professional or other misconduct” in its report from March 2022 (Chapter 1 Paragraph 11). According to the Minister, the report is available on the Ministry of Corporate Affairs website (www.mca.gov.in).

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