Simplified filings: RoC approval not required for most corporate actions
The Ministry of Corporate Affairs (MCA) has simplified the process of corporate reporting. MCA has eliminated the need for approval by Registrars of Companies (RoCs) in most cases. This enables companies to fulfil their reporting obligations with an online acknowledgement, as two individuals aware of the development said, according to a report by Mint.
According to the report, the government has introduced a new system called “file and forget,” which is part of its ongoing revamp of the statutory filing website, MCA21. This allows companies to fulfil most of their statutory filing obligations with an online acknowledgement, which will be considered equivalent to approval by RoCs.
Companies must file nearly 100 forms as part of the Companies Act’s compliance essentials on various transactions and filing obligations related to statutory requirements. Of these 100 forms, 56 have been migrated to a new web-based version in January, and an additional 30 web-based forms will be launched soon, according to the report.