Governance2.Org

Livemint: The shift to e-filing of statutory documents such as annual returns and balance sheets by companies with a minimum authorized capital of Rs1 crore is expected to see a fresh spurt in compliance in India, potentially bringing it on par with the standards prevalent in developed economies of Singapore and the UK.
E-filing was introduced by the ministry of corporate affairs (MCA) in May 2006.
“While we saw a compliance level of 50% among such companies for returns filed for year ended March 2005, this figure rose to around 70% for the year ended March 2006 and we are expecting this to rise to 90% for the year ended March 2007,” according to a senior MCA official who did not wish to be identified. He was speaking on the sidelines of a national conclave on corporate governance organized by the Confederation of Indian Industry. The average compliance rate, including all public firms, is much lower at 45%. Read on …