Companies Act 2013 Current Affairs - 2019

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NALCO to get President’s award for excellent CSR in social development

National Aluminium Company Limited (NALCO), an Odisha-based Navaratna Company has been selected for President’s award for utilisation of Corporate Social Responsibility (CSR) fund in social development. NALCO was selected for its Aliali Jhia Scheme.

About Aliali Jhia

In 2015 NALCO started a scheme called Aliali Jhia. The scheme was on the line of Beti Bachao Beti Padhao to adapt and promote the poor and talented girls for education.

It aimed to promote the education of Girls of BPL (Below Poverty Line) families.

Under this scheme, NALCO adopted 416 girls from BPL families of 66 villages in Anugul and Koraput districts of Odisha. These girls are reading in 45 different schools and under this scheme Company is bearing all expenditure for education and promotion of talent from 8th to 10th class.

Scheme is now joined by employees of the company.

About National Aluminium Company Limited

NALCO is a Navratna CPSE (Central Public Sector Enterprises) under Union Ministry of Mines. Centre Government holds 52% equity of NALCO.

It was established in 1981, with its registered office at Bhubaneswar, Odisha.

It is one of the largest integrated primary producer of Aluminium in Asia.

It encompasses entire vale chain from bauxite mining, alumina refining, aluminium smelting and casting, power generation, rail and port operations.

What is Corporate Social Responsibility?

CSR is funding and grants process undertaken by corporate sector under which they provide financial and other support to Non-Profit Organisations (NGOs). Under Companies Act, 2013 it is a mandatory provision for companies to provide a contribution of 2% of average of their net profits.

Government plans introducing AI system in MCA 21 portal

The Ministry of Corporate Affairs (MCA) has laid out its plans to introduce artificial intelligence (AI) system in its MCA 21 portal. It will be introduced when Ministry will roll out the Version 3 of the MCA 21.

Key Highlights

  • Background: In early 2019, the Ministry of Corporate Affairs sought applications from various service providers so as to develop as well as operate upgraded version of MCA 21 system.
  • Objective: To make compliance process easier and to ensure that routine enforcement activities are done regularly on autopilot basis.
  • Need: The main focus of Ministry in introducing AI system is to rationalise all forms filled and to follow principle of a single source of truth. This means that one would not be required to fill in the known details again, as it will get filled automatically.
  • The MCA also seeks to interlink databases so that routine enforcements are done 24×7 on autopilot basis.

About MCA 21

  • About: The MCA 21 is one of 31 Mission Mode Projects (MMP) of National e-Governance Plan (NeGP) of Government of India. This is first Mission Mode Project to be launched under NeGP and is e-governance initiative from the Ministry of Corporate Affairs to meet stakeholder needs in the 21st century.
  • Background: The MCA 21 system was first started in 2006. The first phase (Phase I: from 2006- December 2012) of e-governance initiative of ministry was implemented by Tata Consultancy Services (TCS) and the ongoing second phase (Phase II: from January 2013-July 2021) is being implemented by Infosys.
  • Significance: The portal is electronic backbone of MCA for distribution of information to all its concerned stakeholders, including the investors, regulators and corporates. It protects investors and also offers many important services to stakeholders.
  • Function:
    • It regulates corporate affairs in India through Companies Act, 1956, 2013 and other allied Acts, Rules and Bills. It also allows electronic filings of various documents under Companies Act, 2013.
    • It has also fully automated all processes related to compliance and enforcement monitoring under the Act.
    • The portal act as a gateway to all guidance, services, and other corporate affairs related information