India to overhaul e-governance programme

risks of corporate fraud, The Times of India reveals.

A host of top IT companies like TCS, Infosys and Wipro are believed to be vying for the prestigious project, which is estimated to have a budget of hundreds of crores of rupees.

Corporate affairs minister Veerappa Moily says bids have already been called for the second phase of MCA21 and a decision will be taken soon.

According to ITVoir.com, the MCA21 programme was originally initiated in 2006.

This programme was initiated in the thrust to start the adoption of secure electronic filing for all the services provided by the registrar of companies, including incorporation of a company, annual filing, registration of charges and other event-based filings.

Further, Moily adds, the Indian government wants to take this forward as early as possible. However, nothing can be said, as a final decision has not been taken yet.

The project, which saw a reduction in time-consuming paperwork, cost the government upwards of Rs 300 crore, The Economic Times notes.

While the cost of the upgrade is not yet confirmed, sources say it could be in the same order, or even higher.

The government feels that a greater thrust on computerisation in regular corporate filings will give it enough scope to keep a check on illegal or lax activities by companies.