Write a note on e-filing of documents.
E -filing is a key feature of the MCA -21 project of Ministry of Corporate affairs. The major benefits of e-filing are the ease of interaction with all citizens and almost a paperless environment. The notified new e -forms may be filed through electronic media or through any other computer readable media under the Companies Act.
Highlights of the System
- The filing of forms (e -forms) with ROC can be done from one’s home or office through the Internet. There is no need to visit the ROC’s office for filing various documents.
- The payment of filing fees can also be made over the Internet through credit card/Internet banking without queuing up at the banks.
- The filing will be valid only when filing fee is paid.
- Pre -scrutiny of filled -up forms is done in the portals before final submission.
- Many of these e -forms require certification by CA/CWA/CS (in whole time practice). Certification must be done by signing digitally.
- DIN (Directors Identification Number) is compulsory for all directors.
- Every signatory of e -form must obtain DSC (Digital Signature Certificate).
The Process of e -filing
- Download a blank e -form from the MCA -21 portal.
- Fill up the e -form off line using software that is free and widely available.
- Optionally carry out electronic pre -scrutiny in which the system will verify whether the form has been completed in all respects.
- The form to be digitally signed by one or more signatories.
- Submit the e -form for processing to the MCA -21 portal.
- Make necessary payments to complete the transaction either at an authorized bank branch or through Internet banking.
Advantages of e -filing
- Advantages to Corporate and Professionals,
- Documents can be filed without visiting the ROC office.
- There is no need to stand in long queues for filing documents or paying filing fees.
- Filing will be open on a 24 x 7 basis. This affords one the flexibility to do this work at one’s convenience.
- Pre -scrutiny of forms filed will be done in the portals itself at the point of filing. So, once the form is filed, a need to interact with ROC personnel to rectify deficiencies in filings will be minimized to a great extent.
- Filing fees can be paid from the comforts of one’s office/home using credit card/Internet banking.
Advantages to the Public : To the public, the portal offers inspection of documents filed by companies on a 24 x 7 basis from the comforts of one’s home/office.
Advantages to the Government:
- Better utilization of existing staff and space resources.
- The DIN (which is compulsory for all existing and prospective directors to obtain) will help enforce accountability of directors.
- Time and energy spent in accepting documents, filing them, corresponding with companies will be drastically reduced and channelized towards taking action against errant corporates.