Prime Minister Dr. Manmohan Singh launched the e-Governance initiative of the Ministry of Company Affairs, MCA21, here today. It is the first flagship Mission Mode Project of the Government under the National e-Governance Plan. This project will cover all the services provided by the Registrar of Companies (RoCs) starting from the incorporation of a new company. This will provide for anytime anywhere electronic services with speed and certainty to all the stakeholders. The Project will virtually eliminate the physical interface between the companies and the RoCs. The focus of the MCA21 Project is on bringing about a fine balance between trade facilitation on one hand and effective enforcement of the corporate laws on the other. The transparency envisaged through MCA21 is likely to strengthen the good corporate governance immensely. The project is being implemented as per schedule as it goes live across all the locations throughout the country by 24th April, 2006.
Speaking on the occasion the Prime Minister said that the MCA21 is an excellent example of the kind of initiatives that are needed to enable our nation to meet the challenges of a rapidly growing economy. The Project provides a one-stop filing window to enable companies to file just once for all government related purposes, thereby making business easier for business and governance easier for government, he said. He expressed the hope that this initiative will bring in greater transparency into the functioning of the Company Affairs Ministry and the corporate sector would benefit through a hassle-free and efficient interface with the government. The banks and financial institutions could take advantage of online availability of information relating to companies to improve their credit evaluation procedures and the overall quality of credit extended, he said.
The Prime Minister said that the government, in order to promote greater transparency and good governance in firms, will be bringing a comprehensive new Company Bill to the Parliament in the next few weeks. Shri Singh urged the Company Affairs Ministry to build an archive of valuable data related to the corporate sector for the benefit of investors, financial institutions, government, researchers and analysts.
The Minister of Company Affairs, Shri Prem Chand Gupta, said in his address that MCA21, which represents a unique and successful Public-Private Partnership exercise, will help the Indian corporate sector to compete with the best in the world. The Project, by enabling online, interactive method of filing of documents and access to corporate information, will completely transform the manner of transacting corporate affairs in the country, Shri Gupta said. This would take the governance to the doorsteps or more precisely the computer screen of the public, empowering the common man in the process, he said. Shri Gupta said on the occasion that bringing the process of liquidation of companies within the e-Governance regime, would be his next priority.
BY/-24/06
(Release ID :16678)