Ministry of Corporate Affairs Facility for e – Adjudication
The Ministry of Corporate Affairs launched the MCA21 to speed the access to the services of the ministry. Recently, the ministry added some key features to MCA21. They are e – adjudication, compliance management, and e-consultation. Adjudication means a judgment on a dispute. E-adjudication is an online dispute-solving platform. It will reduce the number of cases going to the NCLT (National Company Law Tribunal). Also, the E – Adjudication will increase the ease of doing business.
About the E – Adjudication facility
- The facility will try and reduce the crimes listed under the Companies Act
- It will try and reduce the compliance burdens
- Physical meetings have been relaxed to increase the success rate of the facility. All discussions shall be made through video conferencing
Other recent activities of MCA
- Apart from these measures, the Ministry of Corporate Affairs will also set up a center that will speed up the processes involved in the exit of a corporate.
- MCA21 has been linked with CBDT, PAN, and TAN
- The number of new companies is increasing. In 2015, the number of new companies in the country was 64,300. In 2022, the number has increased to 167,000
- The ministry of to complete the entire process of corporate revamping by March 2023
Category: Economy & Banking Current Affairs - 2022