Who among the following can remove the name of company from Register of Companies on suo moto basis in terms of Section 248(1) of Companies Act, 2013?
- AOption (a)
Registrar of Companies
- BOption (b)
Securities and exchange Board of India
- COption (c)
National Company Law Tribunal
- DOption (d)
Ministry of Corporate Affair
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Correct answer
Registrar of Companies
Why this answer is correct
Key Points
Registrar of Companies:
The Registrar of Companies (RoC) has the authority to remove the name of a company from the Register of Companies under Section 248(1) of the Companies Act, 2013. This can be done suo moto if the RoC has reasonable cause to believe that a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company.
Securities and Exchange Board of India (SEBI):
- SEBI is the regulator for the securities market in India but does not have the authority to remove the name of a company from the Register of Companies. Its role is primarily to protect the interests of investors in securities and to promote and regulate the securities market.
National Company Law Tribunal (NCLT):
- The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies. While it has wide-ranging powers concerning company law matters, the suo moto removal of a company's name from the Register of Companies is specifically vested with the Registrar of Companies as per Section 248(1) of the Companies Act, 2013.
Ministry of Corporate Affairs (MCA):
- The Ministry of Corporate Affairs oversees corporate governance and regulation in India through the Companies Act, among other laws. While it formulates policies and regulates corporate affairs, the direct authority to remove a company's name from the Register of Companies on a suo moto basis is delegated to the Registrar of Companies under the provisions of the Companies Act, 2013.
In summary, the Registrar of Companies is the correct authority with the power to remove the name of a company from the Register of Companies on a suo moto basis under Section 248(1) of the Companies Act, 2013. The other options listed do not have this specific power as it is not within their jurisdiction or mandate.