As part of efforts to embrace paperless administration, the Company Law Affairs Ministry will soon electronically interlink all 20 Registrar of Companies and four Regional Directors offices with itself, enabling firms to submit documents with these departments through E-mode.
"With the implementation of e-governance in the ministry by this mid-year, the companies would be able to submit their documents and pay fees online. It would turn out to be major relief for them as they would no longer be required to visit ROC and regional director offices for compliance," Minister of State for Company Law Affairs Prem Chand Gupta told reporters in Ludhiana on Saturday.
Initially, the e-governance would be introduced in Coimbatore by next month end and thereafter be launched in Delhi on a pilot basis, he said.
The ministry has given the job of developing e-governance to Tata Consultancy, he said.
Besides, the ministry will also table the new amended Company Law Bill for passage in the coming budget session.
"At present, the Company Law has 786 provisions but in the new amended Company Bill, we have halved the number of provisions" he said.
{{/usCountry}}"At present, the Company Law has 786 provisions but in the new amended Company Bill, we have halved the number of provisions" he said.
{{/usCountry}}Talking about the fraud committed by fly-by-night companies during the past several years, Gupta said: "The ministry (has) found 229 vanishing companies, which have defrauded investors to the tune of Rs 1,000 crore."
Moreover, the ministry has also initiated prosecution proceedings against the promoters and directors of 125 companies.