MCA should strive to be futuristic to serve stakeholders: FM Sitharaman

FM asked the Corporate Affairs Ministry to modernise systems, enhance transparency and ensure time-bound services as she reviewed Regional Directorates and the Registrar of Companies

The Ministry of Corporate Affairs must strive to be futuristic to be able to serve stakeholders in a time-bound manner with the core principle of making governance easy, transparent and facilitative, Nirmala Sitharaman, Minister of Finance and Corporate Affairs, said on Tuesday while chairing a meeting to review the Regional Directorates and Registrar of Companies. Sitharaman said that for India to be a developed country, timely modernisation of systems and processes has to take place. During the review meeting, the FM directed MCA to build a live dashboard to ensure more transparency in its systems. The meeting was attended by Minister of State for Corporate Affairs Harsh Malhotra; Dipti Gaur Mukherjee, Secretary, Ministry of Corporate Affairs, and senior ministry officials.

 

How is MCA adapting its legal and regulatory framework?

  Sitharaman said that the MCA had made frequent and required amendments in its Act and Rules to keep up with changing times. “Insolvency and Bankruptcy Code is one such example of a reform-driven law. This is done to ensure that the systems are responsive to the needs of today’s India,” she said.

 

What issues were discussed during the review meeting? 

Issues related to processing of forms, fast-track mergers, delivery of services like incorporation, voluntary exit of companies/LLPs through the Central Facilities, e-governance, harmonisation of forms, and matters related to adjudication, inquiries, inspection and investigation were discussed in the meeting.