DCA to stop offline corporate deliveries in next 3-4 months

New Delhi, Aug 20 (UNI) In its drive to make e-governance initiatives 100 per cent online, the Department of Company Affairs (DCA) today announced that it would refuse to accept off-line physical documentation including those of stamp papers from corporates in next three to four months.

In the last few months, the DCA has already achieved physical acceptance of corporates legal obligations through e-filing to the extent of 90 per cent, Ministry of Corporate Affairs Secretary Anurag Goel disclosed at Assocham organised six-day Independent Director's Course for Sr Defence Official.

The Secretary announced that the DCA was in constant consultation with state governments even to accept stamp papers deliveries from corporates to it through online mode since the issue of stamp papers falls under their jurisdiction.

He, however, added saying that most of states agreed the request of DCA and with accomplishment of a few legal formalities, the DCA would start even stamp papers deliveries from corporates in next three to four months to completely make its e-filing initiative as a brilliant success.

Mr Goel also announced that all necessary formalities have also been completed to set up Indian Institute of Corporate Affairs within an initial capital of Rs 211 crore.

The Institute will prepare senior executives including army personnel and other experts for knowledge management so that these can take up corporate board's positions like that of Independent Directors without being prone to risks and render their duties in efficient and effective manner, informed the Secretary.

Referring to much talked about new Company Act, Mr Goel informed that its drafting is already over and is currently being assessed by Parliamentary Standing Committee and hoped that its enactment would turn out to be a smooth sailing in winter session of parliament.

The Secretary said that the new Act would be much simpler, leaner and thinner and be virtually without any complexities and corporates would hail it as disclosure based and user-friendly.

The Act would adequately address the issue of limited liability in a manner so that it becomes flexible and user-friendly to all stakeholders including those of venture capitalists and other portfolio managers.

In addition, the Act would also address the issue of independent directors in a manner so that these remain actually independent in corporate boards particularly those of listed companies, said Mr Goel.

UNI