- They are e-adjudication, e-consultation, and compliance management. A ruling on a dispute is referred to as adjudication.
- E-adjudication is a platform for online dispute resolution. As a result, fewer cases will be submitted to the NCLT (National Company Law Tribunal). Additionally, the E - Adjudication will make doing business easier.
- The E - Adjudication facility's description. This facility will reduce the Companies Act's list of offences.It will aim to lessen the requirements for compliance.
- Physical meetings have been relaxed to improve the facility's success rate. Every discussion must be conducted via video conference.
- In addition to these actions, the Ministry of Corporate Affairs will also establish a facility to expedite the procedures involved in a corporate withdrawal. MCA21 has been connected to TAN, PAN, and CBDT.
- There are more and more startup businesses. There were 64,300 new businesses in the nation in 2015. The amount has increased to 167,000 as of 2022.
- By March 2023, the ministry must have finished the entire corporate reform process.
Question:
Q.1 What are the recent updates made to MCA21 by the Ministry of Corporate Affairs?
a. Physical meetings and compliance management
b. E-adjudication, compliance management, and e-consultation
c.A centre for speeding up corporate exit processes
d. All of the above
a. Physical meetings and compliance management
b. E-adjudication, compliance management, and e-consultation
c.A centre for speeding up corporate exit processes
d. All of the above
