With the launch of these government portals, stakeholders can soon avail all the information related corporates, PTI reported a senior official as saying. The government portal will cater to "heterogeneous requirements".
With the launch of these government portals, stakeholders can soon avail all the information related corporates, PTI reported a senior official as saying. The government portal will cater to “heterogeneous requirements”, a senior official said today. Besides, a dedicated portal on Corporate Social Responsibility (CSR) activities carried out by the companies has been launched by the corporate affairs ministry today. There are around 12 lakh active companies in the country and most information about them would be available through these portals. Corporate Affairs Secretary Injeti Srinivas said that initially the corporate data portal would be static, wherein only information furnished by the government will be available. “The idea is very shortly we will create customisation so that after paying a small fee you can access the information,” he said at an event to mark the launch of the two websites. According to him, complete information about 12 lakh active companies such as academic qualifications of directors on the boards of firms would be made available. Srinivas said information about independent directors would also be available.
There are around 30 lakh directors in this country who are managing the corporate world. About 30,000-40,000 foreigners are directors with a majority of them being of the US origin, followed by the UK and Japan, Srinivas added.
Last year in a message to corporates, the government had said non-compliance will be “very costly” and strong deterrents will be there to curb the dangerous adventure of using companies for wrongful purposes. Continuing the clampdown on illicit fund flows, the Ministry of Corporate Affairs has already struck off more than 2.24 lakh companies that have not been doing business for long and has disqualified over three lakh directors associated with such entities. Against this backdrop, Corporate Affairs Secretary Injeti Srinivas said things are being simplified for legitimate businesses while checks are being strengthened against illegal business activities. “It should be very easy to be compliant and very costly to be non-compliant. We want this… There should be a strong deterrent against illegal business. People using the company for wrong purposes, that should be a very dangerous adventure,” he told PTI in an interview. About the ongoing activities with respect to suspected shell companies, he said investigations are being carried out with urgency. “When you go for prosecution, it should serve as a deterrent. Imprisonment option should essentially be confined to violations involving criminality and fraud,” Srinivas said. On the scenario of certain genuine entities also facing the heat in the clampdown, Srinivas said every effort is made to ensure that “innocent companies are not inconvenienced”, adding that investigations are carried out only after preliminary scrutiny. “In any such large exercise, it is not unusual that there could be some collateral damage. It cannot be so perfect but effectively, it is very focused and every effort is made that innocent companies are not inconvenienced,” he noted.