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The Corporate Affairs Ministry (MCA) has sought to make life easier for those keen to set up companies in India.
It has now given an option for entities to apply for director identification number (DIN) and reservation of name, among others, through a single e-form—INC 29.
This integrated electronic application form--INC 29 can be used for registering one person, private, public and producer companies.
The new integrated e-form—which has been introduced as amendment to the Companies (incorporation) rules—could be used instead of separately filing five e-forms.
This new e-form would be in addition---and not a replacement-- to the separate forms that are already available for registering a company.
The application for allotment of DIN upto three directors , reservation of a name, incorporation of company and appointment of directors of the proposed company “shall be filed in the integrated form (INC 29)”, the Corporate Affairs Ministry has said in a notification issued here recently.
The facility to file integrated application for incorporation in form INC 29 is available as an “option” to the process for separate applications for allotment of DIN, reservation of name and incorporation of company, the Ministry said.
EXPERTS TAKE
Reacting to the Corporate Affairs Ministry’s latest move, S.N. Ananthasubramanian, a practicing Company Secretary, said this was a step in the right direction.
However, the efficacy of this move has to be seen and experienced, he said.
Many corporate observers feel that given the diverse details sought in the integrated e-form, it may have been useful to introduce timelines for processing the applications.
Much as the ease of doing business is sought to be enhanced through these measures, it would only be fitting if time limits are prescribed for the process of approval or rejection by the Ministry, they said.
The procedural changes should be real and not cosmetic, it was felt.
The MCA notification is silent on the corresponding process simplification within the Ministry.
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