The Hindu Business Line : E-filing facilities: Cabinet nod for ordinance to amend Companies Act

THE Union Cabinet has given its nod for promulgation of an ordinance to amend the Companies Act, 1956, to enable the corporate sector avail themselves of e-filing facilities.

For the successful implementation of MCA-21, the e-governance project of the Ministry of Company Affairs (MCA), the Ministry had approached the Cabinet. Currently, the Companies Act does not provide for online filing of statutory documents with the Registrar of Companies.

MCA-21 envisages electronic filing of these documents including registration of a company, records of a company, adaptation of all statutory forms for electronic filing, scanning and digitisation of permanent records, annual returns and balance sheets.

Therefore, an amendment to the Act was necessary, the Ministry said.

The project commenced in March 2005 with the signing of contract agreement with the operator, Tata Consultancy Services Ltd. The project cost is estimated at Rs 345 crore.

Not only would the project enable the corporate sector to register a company and file statutory documents quickly and easily, it would also make it easy for the public to access relevant records and get quicker redressal of their grievances.

Some of the salient features of the project includes introduction of anywhere, anytime secure electronic filing for Company Affairs Ministry transactions and adaptation of all statutory forms for electronic filing.

It also provides for digital signatures to ensure the security of electronic forms and documents in conformance with the Information Technology Act, and electronic payment of all statutory charges and access to the services from Internet.

The Ministry proposes to open 53 physical front offices that will be located to facilitate electronic filing of documents. This would make it easy for investors for reporting of complaints through Company Affairs portal for easy and speedy redressal.

These front offices would be operational for a period of three years. Further, the individuals who would be signing the documents on behalf of the companies would be required to procure digital signature certificates.

The directors would be required to get registered for a director identification number.

More Stories on : E-Governance | Company Law

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E-filing facilities: Cabinet nod for ordinance to amend Companies Act