MCA to soon launch centre to process all compliances for companies

The Ministry of Corporate Affairs (MCA) will soon open its Central Processing Centre (CPC) for processing of forms related to all compliances for companies. This is aimed to free up capacity at the offices of Regional Directors and Registrar of Companies to deal with enforcement matters, official sources said.

With CPC, the ministry will have launched the fourth centre to focus on specific areas of filing non-straight through process or non-STP forms. 

STP forms are straightforward and are taken on record without any examination by the Registrar of Companies.

These would include forms related to the increase, redemption or cancellation of share capital and debentures, return of deposits, registration of charges, and appointment of directors. 

Forms related to the extension of time for holding annual general meetings, Letter of Offer for buy-back of securities, and Registration of Entities for undertaking Corporate Social Responsibility (CSR) activities will also be dealt with by the CPC.

Industry is hoping that the MCA will come up with necessary standard operating procedures for the processing of forms at its Central Processing Centre.

"Centralisation of the processing of forms under CPC is a significant proposal. However, the ministry needs to ensure that it should have a two-way open communication system between companies, professionals and other stakeholders to avoid unnecessary hardships unlike CRC," said Ankit Singhi, partner, Corporate Professionals.