Govt sets up committee to simplify statutory filing procedures for corporates

The Corporate Affairs Ministry has set up an internal committee to review online forms as well as the overall filing process for companies, as part of efforts to simplify procedures for stakeholders under the new Companies law.

The Ministry is responsible for implementation of Companies Act and all entities registered under this law have to make their filings to the Ministry through MCA21 portal. Companies are required to submit their filings electronically through MCA21.

An internal committee, which has been recently set up, will suggest changes required for simplification and removal of difficulties faced by stakeholders in filing e-Forms, the Ministry has said in its monthly newsletter for October.

Recently, the Ministry has issued many circulars and notifications with regard to the new Companies law - many provisions of which came into effect from April 1, 2014. Among others, four new e-Forms were introduced while two others were modified in September.

The new e-Forms introduced are MGT-10 (changes in shareholding position of promoters and top ten shareholders), DPT-4 (statement regarding deposits existing on the commencement of the Act), DIR-3C (intimation of Director Identification Number by the company to the Registrar DIN services) and ADT-3 (notice of resignation by the auditor). Two e-Forms - DIR-3 (application for allotment of Director Identification Number) and DIR-6 (Intimation of change in particulars of director to be given to the central government) - were modified.

Meanwhile, the MCA21 portal registered more than 15 lakh filings in October. MCA21 portal recorded over 15 lakh filings in the previous month, during which daily filing exceeded 100,000 on four occasions. It is a new record in terms of single month filing till date, the Ministry has said in a communication.