What Is ROC?
The Registrar of Companies is known as ROC. The Ministry of Corporate Affairs is in charge of overseeing it. It is an office where all pacts relating to company management and liability alliances in India are kept.
The Ministry of Corporate Affairs is the ROC’s supreme authority. Continue reading to learn more about the functions and role of the Registrar of Companies.
ROCs’ primary responsibility is to register all companies and LPSs in all states and union territories. They keep track of all businesses and pass it on to regional directors.
Features Of ROCs
The acronym ROC stands for registrar of corporations. It comes with numerous features and characteristics. The following are a few of them:
- Each state and union territory has its own ROC office, while some states, such as Tamil Nadu and Maharashtra, have two.
- ROC’s operations are currently overseen by approximately 7 regional directors. A regional director is in charge of more than five ROC offices in his or her province.
- Each Regional Director reports to the central government about the report of annual records of companies.
- The minister of corporate affairs is the central government’s decision-making body responsible for the welfare of ROCs.
Functions Of ROCs
ROC is responsible for a wide range of functions. The following are some of the most important ROC functions:
- The fundamental goal of ROCs is to keep company registrations up to date across the country. Without ROC registration, no company may be formed.
- A petition for the formation of a company or incorporation is filed with the ROC.
- A company must register and receive ROC approval before it can begin operations. The registered company receives a certificate of incorporation, which serves as proof of the business’s existence.
- The ROC is critical to the development and encouragement of business communities.
- ROC keeps track of all of a company’s information, including its specifications, shareholders, directors, rules, and administrators.
What Is The Role Of ROC In Registering A Company?
A certificate of incorporation is required for a company to be formed. The ROC issues this certificate after confirming that the company meets all of the Ministry of Corporate Affairs’ regulations and standards.
The following documents are submitted to ROC as part of a registry submission:
- Pre-incorporation agreement
- Memorandum of Association
- Appointing director list
- Managing chairpersons list
- Owner’s declaration certificate
Following the submission of the documents, the ROC issues the certificate of incorporation and initiation of business, as well as the company’s name.
Under what circumstances does ROC Reject Registering Requests Of A Company?
The Registrar Of Companies can refuse to register a corporation for a variety of reasons. These are they:
- The ROC offices will not allow a corporation to have an unpleasant name if it hurts religious sensibilities.
- If the business does not meet all of the standards for incorporation.
- If a business has illegal goals and purposes, such as MLM without products.
As a result, the Registrar of Companies is the primary body in charge of a company’s registrations. If the firm meets all of the conditions and is eligible to be formed, ROC will quickly register it. However, if the company’s purpose is flawed or discouraged, the ROC will refuse to register the company.