The Indian Corporate
Law Service (ICLS) is one of the Group ‘A’ services options available for
candidates who have successfully cleared the UPSC Civil Service Examination.
Entry to this service through the UPSC CSE commenced only in 2009. The chief responsibility
of this Group “A” service is the implementation of Companies Act, 1956,
Companies Act, 2013 and The Limited Liability Partnership (LLP Act), 2008. The
article talks about the Indian Corporate Law Service (ICLS), functions,
training, hierarchy and salary.
Roles &
Responsibilities:
1.
To administer the
Companies Act, the LLP Act and a few other related acts.
2.
As Registrar of
Companies (RoC), the officers register the companies and partnerships floated.
It is their duty to ensure that all the companies are filing their annual
returns and balance sheets, and all other documents. The RoC can also carry out
an investigation and initiate prosecution against criminal and civil offences
in this regard.
3.
As Official
Liquidators (OLs), the officers are responsible for liquidating the companies
as ordered by the courts. They are responsible for taking control of the
companies’ assets, recover debts, sell the company assets via public auction,
settle creditors’ claims, etc.
4.
As Regional Directors
(RD), the officers are the heads of the Regional Directorates. The RD is the
senior-most ICLS officer in a region, there being seven Regional Directorates
in India. The RDs supervise the work of the RoCs and the OLs.
Training of
Probationary Officers:
The training of the
ICLS officers takes place at the ICLS Academy located in the Indian Institute
of Corporate Affairs, Manesar, Haryana for a period of ten months. This
induction training familiarises the Probationary Officers (POs) with the
provisions of the Companies Act, the Limited Liability Partnership Act (LLP
Act), and other allied acts. It also teaches them about bookkeeping and
accounts, Indian Penal Codes, concepts in Economics, Law and Management.
Career Prospects:
1.
Indian Corporate Law
Service (ICLS) Cadre officers get posted as Assistant Directors, Deputy
Directors, and Joint Directors to ensure the working of the companies in sync
with the companies Act.
2.
Have the option of
promotion as Director of Inspection and Investigation to probe matters into
companies that are not abiding the rules and causing revenue loss to the
Government.
3.
Opportunity to serve
in Serious Fraud Investigation Offices (SFIO).
4. ICLS Cadre officers working at the Ministry level gets to formulate policies, rules and regulations.
Grade & Pay
Scale:
This is Group “A”
service entrusted with the task of handling matters concerning companies
functioning in India. ICLS cadre has an attractive career option with ample
opportunities for promotions and good pay scales for the respective grades.
Below table gives
information on grades and pay scale of ICLS Cadre-
|
Grade |
Designations |
Pay
Scale |
|
Junior Time Scale |
1. Registrar of Companies 2. Official Liquidator 3. Registrar of Companies cum Official Liquidator 4. Assistant Registrar of Companies 5. Assistant Official Liquidator 6. Assistant Director 7. Bench Officer – Company Law
Board |
15600 – 39100 + Grade Pay 5400 |
|
Senior Time Scale |
1. Registrar of Companies 2. Official Liquidator 3. Deputy Registrar of Companies 4. Deputy Official Liquidator 5. Deputy Director |
15600 – 39100 + Grade Pay 6600 |
|
Junior Administrative Grade |
1. Registrar of Companies 2. Official Liquidator 3. Joint Director 4. Secretary, Company Law Board |
15600 – 39100 + Grade Pay 7600 |
|
Senior Administrative Grade |
1. Regional Director 2. Director of Inspection and Investigation 3. Director |
37400 – 67000 + Grade Pay 10000 |
|
Higher Administrative Grade |
Director-General of Corporate
Affairs (DGCA) |
67000 – 79000 |