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NCLT by Dec end, online filing of financial results by 2005
New Delhi, Nov 16: The Department of Company Affairs will finalise the particulars of National Company Law Tribunal (NCLT) by December end and plans to introduce a system of online filing of financial results by early 2005.
New Delhi, Nov 16: The Department of Company Affairs
will finalise the particulars of National Company Law Tribunal
(NCLT) by December end and plans to introduce a system of
online filing of financial results by early 2005.
The Secretary in the Department of Company Affairs, M M K Sardana, who hopes to start the redrafting of companies (amendment) bill soon, said "a large number of measures proposing liberalisation would feature in it".
On NCLT, he said "by December 15 this year, we will finalise the particulars of the tribunal."
A search committee has been set up headed by Chief Justice of India to select the members of the new tribunal, which intends to speed up restructuring, revival and winding up of ailing companies.
"We have written to all chief justices, secretaries and professional bodies for selection of members for the tribunal," Sardana said.
The new tribunal would replace the BIFR, MRTPC and Company Law Board.
On the online filing of financial results and retrieval of data, Sardana said the department has embarked on an aggressive computerisation drive and work has already started in this direction.
"Proof of the concept was witnessed in Coimbatore last month and bidding process for placing the systems in place has commenced. This objective is likely to be achieved in the beginning of 2005," he added.
Bureau Report
The Secretary in the Department of Company Affairs, M M K Sardana, who hopes to start the redrafting of companies (amendment) bill soon, said "a large number of measures proposing liberalisation would feature in it".
On NCLT, he said "by December 15 this year, we will finalise the particulars of the tribunal."
A search committee has been set up headed by Chief Justice of India to select the members of the new tribunal, which intends to speed up restructuring, revival and winding up of ailing companies.
"We have written to all chief justices, secretaries and professional bodies for selection of members for the tribunal," Sardana said.
The new tribunal would replace the BIFR, MRTPC and Company Law Board.
On the online filing of financial results and retrieval of data, Sardana said the department has embarked on an aggressive computerisation drive and work has already started in this direction.
"Proof of the concept was witnessed in Coimbatore last month and bidding process for placing the systems in place has commenced. This objective is likely to be achieved in the beginning of 2005," he added.
Bureau Report