Ease of doing biz: MCA operationalises Central Processing Centre for corporate filings

Ease of doing biz: MCA operationalises Central Processing Centre for corporate filingsFebruary 16, 2024New Delhi, Feb 16 (IANS) Ministry of Corporate Affairs has operationalised the Central Processing Centre (CPC) for centralised processing of corporate filings without requiring any physical interaction with the stakeholders as part of the continuing reforms to provide ease of doing business.

The Ministry said 12 forms have begun to be processed at CPC from Feb 16 which will be followed by other forms from April 1, 2024 onward.“The 12 forms required to be filed as part of various regulatory requirements under Companies Act and Limited Liability Partnership Act (LLP Act) will be processed in the Central Processing Centre (CPC),” the ministry said. The ministry said that these include: Filing of Resolutions and Agreements (MGT-14), Alteration in Capital (SH-7), Change in Name (INC-24, Conversion of One Person Company to Private or Public or Private to OPC (INC-6), Return of Deposits (DPT-3), Application for obtaining the status of dormant company (MSC-1), Letter of offer for Buy-Back (SH-8), Declaration of Solvency (SH-9) and Return in respect of buy-back of securities (SH-11).The ministry said that the CPC will process applications in a time-bound and faceless manner on the lines of Central Registration Centre (CRC) and Centralised Processing for Accelerated Corporate Exit (C-PACE).“Based on filing trends, it is expected that about 2.50 lakh forms will be processed through CPC annually, once it is fully operational,” the ministry said.The ministry said that as of now, 4,910 forms have been received by CPC after commencing operations. “The forms shall be processing a timebound and faceless manner and the processing of applications at CRC and C-PACE also does not require any physical interaction with the stakeholders,” the ministry said.It said that due to consistent efforts taken by MCA towards Ease of Doing Business, Incorporation of LLPs and companies is highest as compared to any of the previous financial years as on February 14.The ministry said that under C-PACE, applications filed for voluntary closure of companies are getting processed in Non-STP within an average time of less than 4 months (about 100 days) compared to an average time of more than 18 months earlier. C-PACE has processed and closed 12,441 companies so far. “Only 3,368 applications are pending with C-PACE, the lowest as compared to any previous year,” the ministry said. –IANS sps/dan