Ministry of Corporate Affairs Current Affairs - 2019
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Krishnamurthy Subramanian, Chief Economic Adviser (CEA) and B. Sriram, former managing director (MD) and chief executive officer (CEO) of Industrial Development Bank of India (IDBI Bank) were appointed part-time members of Insolvency and Bankruptcy Board of India (IBBI).
K Subramanian, an Indian School of Business (ISB) Hyderabad professor was appointed chief economic adviser for a period of 3 years in December 2018.
Their appointment was approved by Appointments Committee of the Cabinet (ACC), which is composed of Prime Minister of India (who is Chairman), Union Minister of Home Affairs and the order for appointment was issued by Department of Personnel and Training (DoPT).
About Insolvency and Bankruptcy Board of India
- IBBI, an insolvency regulatory agency was established on 1 October 2016. It was given statutory powers by Insolvency and Bankruptcy Code (IBC), the bankruptcy law of India which was passed by Lok Sabha on 5 May 2016.
- The IBC 2016 established Insolvency and Bankruptcy Board of India (IBBI), to oversee insolvency proceedings in India and to regulate entities registered under it.
- The IBBI Governing Board consists of 10 members, including representatives from the Ministry of Finance (MoF), Ministry of Law and Justice, Ministry of corporate affairs (MCA), and Reserve Bank of India (RBI).
- IBBI act as a regulator for overseeing insolvency proceedings and entities such as Insolvency Professionals (IP), Insolvency Professional Agencies (IPA) and Information Utilities (IU) in India.
- IBC covers Individuals, Companies, Partnership firms and Limited Liability Partnerships and handles cases under it using tribunals namely National company law tribunal (NCLT) and Debt recovery tribunal (DRT).
Tags: Appointments Committee of the Cabinet • B. Sriram • Cabinet (ACC) • Chief Economic Advise • Debt recovery tribunal • IBC • Insolvency and Bankruptcy Board of India • Insolvency and Bankruptcy Code • Krishnamurthy Subramanian • Ministry of Corporate Affairs • Ministry of Finance • Ministry of Law and Justice • National company law tribunal • Reserve Bank of India • Union Minister of Home Affairs
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.
- 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.
- 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
Tags: Artificial Intelligence (AI) • Companies Act 1956 • Companies Act 2013 • Infosys • MCA 21 • Ministry of Corporate Affairs • Mission Mode Projects • National e-Governance Plan (NeGP) • Tata Consultancy Services