With the opening of the economy towards globalisation, our corporate world requires world-class governance system. The essence of corporate world lies in promoting compliance of the law in letter and spirit, transparency, accountability and above all, fulfilling the fair expectations of all the stakeholders.
The process of economic reform and liberalisation that started in 1991 has entered a crucial phase, i.e., second-generation reforms. In the pursuit of globalisation, India has responded by opening up its economy, removing constraints and resorting to liberalisation. The natural corollary of this is that the regulatory system should be geared up in consonance with the best practices and technological development across the world.
To improve the Regulatory Environment in India, MCA has launched the MCA 21 portal, the salient features of which are explained below:-
Salient Features of MCA 21
- Introduction of anywhere, anytime secure electronic filing for MCA transactions;
- Adaptation of a new set of electronic forms or e-forms leading to a reduction in the total number forms besides elimination of repetitive data in each of the e-forms;
- Use of Digital Signatures to ensure the security of electronic forms and documents in conformance with the Information Technology Act.
- Convenient methods of payments that will encompass electronic payment options using credit cards and Internet banking in 200 bank branches across the country
- Back office of the Ministry to use best-in class information technology solutions
- 53 Customers Facilitation Centres located nationwide that will provide facilitation services for electronic filing and the public interface
- Nearly 5 crore pages of legacy corporate documents digitised/to be digitised for electronic access through Internet
- Easy reporting of complaints by investors through MCA portal for easy and speedy redressal
- National Data Center to provide uninterrupted 24X7 operations Disaster Recovery mechanisms with a facility to restart operations within half-day in the event of a natural or man-made disaster
- Proposal for collection of stamp duty electronically
- Adoption of a Build-Own-Corporate-transfer model through Public-Private Partnership to ensure sustained performance levels
In India, more than 6,50,000 companies have been incorporated, a fraction of which is only listed. MCA 21 is a project envisaged to ensure transparency and online compliance with the various requirements of the Companies Act,1956 for all the companies. This project, by adopting international best practices, has the ambition to ensure:
- Business: enabled to register a company and file statutory documents quickly and easily and in a manner that is convenient
- Public: to get easy access to relevant public records and get their grievances redressed effectively
- Professionals: to be able to offer efficient services to their client companies
- Financial Institutions: to find registration and verification of charges easy
- MCA: to ensure proactive and effective compliance of relevant laws and corporate governance
- Employees: enabled to deliver best of breed services
This Project envisages a cost effective integrated software solution for computerising various in-house functions like human resource management, pay-roll, accounting and finance for internal users of MCA.
Permanent documents of existing companies like Memorandum of Association, Articles of Association, and Current charged documents are presently maintained in paper form across various RoC offices. These documents are being converted into electronic format and it is being carried out at the respective RoC offices as part of this project.
Services Available Under MCA 21
- Registration and incorporation of new companies
- Filing of Annual Returns and Balance Sheets
- Filing of forms for change of names/address/ Director’s details
- Registration and verification of charges
- Inspection of documents
- Applications for various statutory services from MCA
- Investor grievance redressal
Payment of Statutory Fees under MCA 21
The filings by the companies entail payment of statutory fees. Multiple options are available under which the user can opt for Offline Mode of Payment or Online Mode of Payment.
In the case of Offline Mode of Payment, the system calculates the applicable fees and generates a pre-fill challan, which the user is required to present before one of the authorised bank branches for making payment.
The list of authorised bank/branches is available on the portal of the Ministry. In case of Online Mode of Payment, one has to use the Credit Card or Internet Banking. In the case of online payment, the system generates a receipt of the amount.
Despatch of Physical Documents to the RoC Office
All the physical documents required to be submitted in respect of certain services that require a physical copy of the documents to be delivered in the offices of RoC for the time being i.e., (stamp paper approvals, charged documents, MOA, AOA etc.) should be sent to the respective RoC office by Courier or Speed Post along with Acknowledgement Due.
The courier charges, on actual basis, would however, be payable by the user. The CFC should send all such physical documents in a separate envelope, i.e., super-scribed with the details of service request no.
Viewing Public Documents with MCA under RTI
Public document are those documents that are available for viewing, by anyone on payment of requisite fees. Users may need to see public documents of any company registered with MCA for various purposes.
Banks and Financial Institutions may also need to view these documents while sanctioning loans. The following are in the category of public documents:
- Incorporation Documents
- Charged Documents
- Annual Returns and Balance Sheet
- Change in Directors’
- Other documents
The access to public documents pertaining to a company is provided from My MCA Portal to any citizen who wishes to view the same.
This feature is available after logging in. After the payment is received by MCA, one can view the documents during the next 7 days for a maximum of 3 hours.