MCA lists steps taken in 2019
New Delhi: In its year-end review, the Ministry of Corporate Affairs (MCA) on Sunday mentioned the various steps it undertook in 2019 for ease of doing business and creating a robust insolvency framework.
"In pursuance to objective of providing greater 'ease of doing business' to all stakeholders, bring about greater transparency in corporate structure and fostering better corporate compliance so as to enhance the efficiency of the processes under Companies Act, 2013, the Ministry of Corporate Affairs (MCA) has taken several landmark initiatives/decisions during last one year (January-November 2019)," said an official statement.
It noted that India has improved its ranking on the World Bank's 'Doing Business 2020' report. As per the report, India has moved up 14 positions to 63rd position from 77th position in 2018.
Among other steps for easing the business environment, the government introduced the 'Integrated Incorporation Form -- Simplified Proforma for Incorporating Company Electronically' (SPICe) which extends eight services from three ministries through a single form.
Technical and procedural violations were de-criminalised under Companies Act which reduced the burden on criminal courts and the National Company Law Tribunal (NCLT).