Role of Registrar of Companies (ROC)
The Registrar of Companies (ROC) plays a crucial role in the regulatory framework governing companies in India. The role of ROC can be understood in detail with the help of the following points:
1. Company Registration: ROC’s crucial role is to take up the responsibility of the registration of new companies in accordance with the Companies Act, 2013. It reviews and approves the documents required for registration, including the memorandum of association and articles of association.
2. Maintain Record: ROC is entrusted with the task for ensuring that companies are appropriately enrolled, and when enlisted they record accounts and other data accurately. ROC check and examine all the documents and information submitted in SPICE+ format.
3. Name Approval: ROC approves and reserves the name which is applied for the registration, a company has to select different names and the name preference is intimated to the ROC, then ROC verifies that the preferred names are not already registered with any other ROC, and if deem fits ROC approves the name to the company.
4. Issuing Director Indentification Number (DIN): ROC has the authority to issue DIN to the directors or designated partners of the company/LLP. DIN is one of the most important authorization given to the director, it is a unique identification number which is provided to directors and designated partners by which they authorize documents, digitally sign agreements, contracts, approves reports, etc.
5. Issuing Certificate of Incorporation (COI): Certificate Of Incorporation (COI) is the proof of formation of company, it’s like the birth certificate of the company which signifies that company is in existence and its separate legal entity in the eyes of law. No company can commence its business operations without obtaining COI. A list of documents is required to be filed with ROC and on satisfaction, ROC may issue COI.
6. Allotment of Corporate Identity Number (CIN): CIN is corporate identity number, which is a unique number allot to the company after incorporation. CIN is also mentioned on the COI, and is used for all the contracts and agreements the company enters.
7. Maintain Register: ROC maintains a register of companies where all the details related to company is available. The ROC also keeps the record of promoters, directors, their addresses, and their details. ROC also maintains details of members and shareholders.
8. Maintains Record of all Alteration: Company might be required to change its name, objectives or registered office. In every such instance, a company would have to take the approval of the ROC first before making any alteration in the company’s MOA, AOA or LLP’s agreement.