YEAR END REVIEW -2019 OF MINISTRY OF CORPORATE AFFAIRS
Dec. 16, 2019
In pursuance to objective of providing greater “ Ease of Doing Business”, the Ministry of Corporate Affairs (MCA) has taken several landmark initiatives / decisions during last one year ( January-November, 2019).
These are:
Simplified Proforma for Incorporating Company Electronically (SPICe) introduced which extends 8 services (CIN, PAN, TIN, DIN, Name, EPFO, ESIC and GSTN) from three Ministries through a single form.
De-criminalization of technical & procedural violations under Companies Act and reducing the burden on criminal courts & NCLT by shifting 16 offences sections to monetary penalty regime vide Companies (Amendment )Bill , 2019 notified on 31st July ,2019
Government Process Re-Engineering by Introducing “RUN – Reserve Unique Name” web service for name reservation for companies & LLP and Re-engineering the Process of allotment of Director Identification Number (DIN).
Provisions relating to issue of shares with Differential Voting Rights (DVRs) modified with the objective of enabling promoters of Indian companies to retain control of their companies, even as they raise equity capital from global investors.
Enabling provisions with regard to Mediation and Conciliation under the Companies Act, 2013 enforced.
Provisions relating to creation of Debenture Redemption Reserve (DRR) revised with the objective of deepening the bond market & reducing the cost of capital.
Independent Director’s Databank launched to provide an easy to access & navigate platform for the registration of existing Independent Directors as well as individuals aspiring to become independent directors.
Setting up Central Registration Centre for name reservation and incorporation of companies & LLPs within 1-2 days as opposed to an average of at least 15 days earlier.
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