Companies Act 2013 Current Affairs - 2019

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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

Month: Categories: Business, Economy & Banking

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Cabinet approves additional posts in NCLAT

The Union Cabinet has approved the creation of six additional posts in the National Company Law Appellate Tribunal (NCLAT). The proposal involves the creation of three additional posts each for judicial members and technical members in the NCLAT. The creation of additional posts will help meet the mandate provided to NCLAT by the Finance Act 2017, the Companies Act 2013 and the Insolvency and Bankruptcy Code 2016.

National Company Law Appellate Tribunal

National Company Law Appellate Tribunal (NCLAT) was established under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal (NCLT). The current Chairperson of NCLAT is Hon’ble Justice Shri S.J. Mukhopadhaya, former Judge of the Supreme Court.

NCLAT is the Appellate Tribunal for hearing appeals against the orders passed by NCLT under the Insolvency and Bankruptcy Code, 2016 (IBC). NCLAT hears appeals against the orders passed by Insolvency and Bankruptcy Board of India.

NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI) – as per the amendment brought to Section 410 of the Companies Act, 2013 by the Finance Act, 2017.

Month: Categories: Governance & PoliticsUPSC

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