MCA expresses concern over non-compliance of filing annual reports

Secretary, Ministry of Corporate Affairs, expresses concern over non-compliance of provisions related to filing of annual reports and balance sheets by the companies



DIRECTS THE ROCs TO UNDERTAKE NECESSARY STEPS TO IMPROVE THE COMPLIANCE RATE

Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs, held a meeting with all the Regional Directors/Registrars of Companies through video conferencing here today. Four Regional Directors (RDs) and twenty Registrars of Companies (ROCs) spread all over the country interacted with the Secretary in this video conference. Secretary expressed his concern over non-compliance of the provisions related to filing of annual reports and balance sheets by the companies and directed the ROCs to undertake necessary persuasive/enforcement steps to improve the compliance rate. On the issue of non-compliance by State Government companies raised by some of the ROCs, Shri Bandyopadhyay stated that the Government companies have the same liability as any other company and assured that the Ministry would take a comprehensive review of the position regarding non-compliance by the State and Central Government companies.



The Secretary asked the field officers to undertake investor education activities in their respective jurisdiction for which the Ministry would be providing necessary technical and financial assistance. He also stated that the field officers are not only the face of the Ministry before the stakeholders but they also should function as effective eyes and ears of the Ministry so that the Government can take well informed decisions on the basis of their feed back. He advised the ROCs to facilitate corporate growth without compromising on the regulatory role. He also asked the ROCs to undertake public outreach activities to disseminate information regarding the new business entity of LLP which has been enabled recently by the Ministry through LLP Act.



Various technical/legal issues were taken up by the field officers and the officials of the Ministry provided necessary clarifications. Secretary, Ministry of Corporate Affairs, stated that such meetings will be held at regular intervals so that the pending issues from both sides are resolved immediately.