In late July, the Ministry of Corporate Affairs had promised to implement procedures that would allow Indian companies to be incorporated within 24 hours. They said they would do this by relying on compliance certificates from private professionals (accountants and company secretaries). Now, barely six weeks on, the Ministry is going back on its promise.
In a circular issued on September 5, 2011, the Ministry has said that as the current processes in place allow companies to be incorporated within 48 hours, the Ministry will not implement the promised changes that would have permitted companies to be incorporated within 24 hours relying on certificates from practising profesionals.