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Speed of Doing Business & Governance: MCA Plans Quantum Leap

360-degree Central Registrations in 3 Days

In a major boost to Speed of Doing Business, The Ministry of Corporate Affairs (MCA) may soon put in place a simple, single clearance process to incorporate a company with hassle-free registration of PAN No., Tax Account Number, GST, EPFO and ESI within three days.

The Department for Promotion of Industry and Internal Trade (DPIIT) is working towards improving India’s EOBD ranking by 27 places by bringing about constructive policy reforms.

As reported in The Economic Times, the following are the set of new measures to be adopted by the Government of India:

• A single layer process through a seamless html format for registration with Central agencies

• Speedy registration process by creating an alternative to authentication in place of digital signatures

• Building a bridge between state agencies and other agencies for integrated business clearances

Aimed at enhancing the rank under Ease of Doing Business, the Govt is also considering bringing about changes in the following areas:

• Revamping insolvency framework in India by introducing international best practices
• Property registration
• Payment and refund of taxes
• Enforcement of contracts

Corporate Governance: MCA Action against Directors & Promoters

Forensic audits of more than 200 companies facing insolvency resolutions under the Insolvency and Bankruptcy Code (IBC) have exposed major financial irregularities.

The offences include siphoning of funds for illegal transactions with related parties, including illegal involvement of banks, as per reports in the Times of India.

The Ministry of Corporate Affairs is expected to initiate action against the promoters, directors as well as auditors of the said companies.

A separate probe into the irregularities led by the Serious Frauds Investigation Office (SFIO) is parallelly underway.

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