In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a â€œGreen Initiative in the Corporate Governanceâ€ by allowing paperless compliances by the companies under the provisions of the Companies Act, 1956, one of them being automatic approval of certain forms through the Straight Through Processing mode. Straight Through Processing means the ability to receive and process financial transactions from start to finish using an electronic system and without intervention of any sort. In case information is easily transferred. Certain eForms to be processed under STP Mode i.e., Straight through Processing, which means that the same shall not be processed by the RoC user for automatic approval of certain forms:
- Form 2 and Form 3 regarding return of allotment of shares;
- Form 18 for change in registered office by an existing company;
- Form 32 for change in directors, etc. details by an existing company;
- Form 8 and 17 in respect of charges (other than condonation of delay cases);
- Form 1A for name availability by a new company (this included simplification of the Name Availability Guidelines as well);
Now the form is process and taken on record without intervention of ROC it will save time for approving the form and immediately available for public inspection.