|MCA 21 Second Cycle to Benefit all the Companies and LLPS Registered in India . Dr. M.Veerappa Moily|
The MCA21 is considered as one of the most successful mission mode project (MMP) having implemented many innovations viz. internet payments, credit card payment, electronic issuance of stamp paper (e-stamp), use of adobe e-forms, end-to-end electronic work flow and digital signature (DSC) based electronic filing. This was stated by the Union Corporate Affairs Minister Dr. M.Veerappa Moily during a Press Conference organised on the recent Cabinet Committee on Economic Affairs approval of Continuation of MCA21 Project” - e-Governance, Computerization and Networking of Ministry of Corporate Affairs (MCA) and its field offices (MCA21 v2) here in New Delhi today.
The Minister informed that the Cabinet Committee on Economic Affairs approved continuation of MCA21 Project for its second cycle from January, 2013 to July, 2021 as a Non-Plan Scheme at a total project outlay of Rs.357.81crore including an outlay of Rs.54.42 crore for independent project management and certification over eight and a half year period. It also includes an outlay of Rs.29.84 crore for continuous improvement and up-gradation to the electronic service delivery of Ministry of Corporate Affairs.
The project will benefit all the companies and LLPs registered in India. In addition, the project benefits citizens through its IEPF sub-portal for investor awareness and disclosures. Banks and financial institutions also benefit immensely from MCA21 as it acts as a repository of charge information on company/company’s assets. MCA21 project has also benefited various state governments through innovative use of electronic stamps (e-stamp).
He said the New Features of MCA21 in Second Cycle includes:
Enhanced User Experience:
Dr. Moily also informed that the project will be continued as Public Private Partnership, with Service Level based Equated Quarterly payments to M/s Infosys.
The Minister also detailed about the various initiatives of the M/o Corporate Affairs. Some of the initiatives are as under:
· The Companies Bill, 2011 final draft after consideration of the Standing Committee recommendations and comments from the Ministry of Finance, Law and the Planning Commission is now before the Cabinet for consideration and it is expected to be taken up for consideration in the ensuring session of Parliament.
· The Committee constituted under the chairmanship of Shri Adi Godrej to draft policy document on Corporate Governance has submitted its report, which is being examined and the Ministry will finalise National Policy on Corporate Governance soon.
· Cabinet Note for approval of the draft National Competition Policy has already been circulated.
· After consideration of the GOM headed by the Finance Minister, Cabinet Note for approval of the draft Competition Amendment Bill has also been circulated.
· A committee has been formed under the Chairmanship of Mr. M.Damodaran, former Chairman, to suggest a road map for improvement in ease of doing business in India. The aim is to have a measurable target in terms of improvement in the rankings within a period of next 3 to 5 years and place India at one of the top five positions with zero hassles. The Committte completed the exercise of collecting background materials. The Committee will hold its first meeting on 10th October, 2012 and is likely to submit its report by end of March, 2013.
· The Ministry is working towards developing a business confidence index for the corporate sector in India based on robust economic parameters which would reflect true strengths and quicker analysis of the corporate sector in India. It is expected that such index for the corporate sector in India based on robust economic parameters which would reflect true strengths and quicker analysis of the corporate sector in India. It is expected that such index will be in place in the near future.
· With the enactment of the Companie Bill, CSR will get a statutory framework, wherein 2% of the average profit will have to be spent toward CSR activities. The MCA is already working on formulation of rules, procedures, etc. for implementation of this historical provision in the new Companies Bill.
· The Ministry is also working on providing a sustainability report framework which will have to be mandatorily followed by the companies. A Committee constituted for this purpose has suggested a sustainable reporting framework, which has been adopted by the SEBI for listed companies.