SC judge, ex-Sebi chief rap new Companies Act

Business Standard

The ministry of corporate affairs (MCA) plans to proceed only gradually on its ambitious scheme, proposed late last month, to convert statutory information of 1.39 million registered companies into readable statistical information.The proposed 'corporate data management' scheme was aimed at more transparency in company functioning and wider dissemination of sectoral data. It was to be launched in a phased manner. As a first step, it was proposed to cover about 7,000 listed companies in three years.At present, it becomes difficult for users to read balance sheets of companies the way these are posted on MCA21, the e-governance site of the ministry on which all registered companies have to file their information. An official said, "A user trying to get, say, the debt-equity ratio of four different companies of the same sector, gets confused as each company's balance sheet is written in a different manner." He said the initiative would give the user the  required information in a reader-f

Deepak Patel

Deepak Patel

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SC judge, ex-Sebi chief rap new Companies Act

MCA cautious on proposal for more readable corporate data