Jaitely to helm Corporate Affairs; Nirmala to hold MoS charge

After a decade of independent existence, the Corporate Affairs Ministry has now come under the reins of Finance Minister in the Narendra Modi regime.

Arun Jaitely, who took charge today as Finance Minister, would also be heading the Corporate Affairs Ministry. He would be assisted by Minister of State Nirmala Sitharaman.

While Jaitley and Sitharaman are yet to formally assume charge at the Corporate Affairs Ministry, Secretary of Corporate Affairs Naved Masood met the two ministers this afternoon at North Block, where Finance Ministry is housed.

Nirmala Sitharaman is also the MoS Finance, besides having independent charge as MoS Commerce, while Jaitley has been given additional charge of defence ministry for the time being.

Jaitley took charge of both finance and defence ministries this morning, while Sitharaman also assumed charge at commerce ministry.

The transition for the Ministry of Corporate Affairs, also known as MCA, comes at a crucial time as corporates are slowly getting used to the new companies law. Ending many years of delay, the Ministry under the stewardship of Sachin Pilot last year introduced the Companies Act, 2013.

Since its inception, MCA has seen the footprints of at least six ministers with Congress leader Pilot being the last. During his nearly one-and-a-half-year tenure, the young MP played a major role in getting the new companies law passed by Parliament.

Though seen as a low profile Ministry, MCA is implementing the revamped companies law which strives to ensure strong corporate governance and protect the interests of investors.

Notwithstanding apprehensions in certain quarters, the new law would have a key role in aiding government efforts to bolster economic growth.

Besides, various institutions and the Serious Fraud Investigation Office (SFIO) come under the Corporate Affairs Ministry.

The apex bodies for chartered accountants, cost accountants and company secretaries as well as country's fair trade watchdog Competition Commission of India (CCI) are within the ambit of this ministry.

From being a department to becoming a Ministry, MCA has an interesting history with 2014 presenting another turn.

In May 2004, the Department of Company Affairs was renamed as the Ministry of Company Affairs which was brought under a Minister of State having independent charge. Prior to that it was under the control of Finance Ministry.

Three years later, in May 2007, it was renamed as Ministry of Corporate Affairs.

The Ministry has so far been steered by five Congress Ministers and RJD leader Prem Chand Gupta. The latter was the Minister from May 2004 -2009.

In UPA-II, there were about five ministers -- Salman Khurshid, Murli Deora, R P N Singh, Veerappa Moily and finally Pilot.