The new Companies Bill is likely to give more powers to the Registrar of Companies (RoC) to monitor the end use of initial public offer (IPO) funds, a move that would require a 10-fold increase in the strength of the RoC. “The RoC would need around 15,000 people, if it were to monitor the end-use of public issues as is being talked about,” a finance ministry source said.
The RoC, which is responsible for incorporation and keeping the record of over eight lakh companies, have a strength of about 1,500. In a meeting with the Parliamentary Standing Committee on Finance, which scanned the provisions of the Companies Bill 2009, the RoC officials have said that the manpower strength of all regions need to be increased by at least 10-fold, sources said.
