The corporate affairs ministry is betting on artificial intelligence and data analytics as key elements in the fight against the menace of shell companies as it works to put in place an ecosystem that will have "zero tolerance" for non-compliance with regulations.
Continuing efforts to have a robust corporate governance system and ensure high level of compliance, the ministry is also in the process of having an advanced MCA 21 portal.
The portal is used for submission of requisite filings under the companies law and is also a repository of data on corporates in the country.
Corporate Affairs Secretary Injeti Srinivas told PTI that once the third version of MCA 21 becomes fully operational, the portal would make it "almost impossible for a shell company to survive."
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