Details of sick companies up for sale to be put online

NEW DELHI: In a bid to usher in transparency into the sale of assets of about 450 Indian companies, the government has initiated an e-governance programme which will make all relevant information on the sale of the distressed assets available online to all stakeholders.

The programme will also allow online bidding and enable bidders to track the status of their applications. The government is currently screening tenders of private software vendors who shall be asked to develop the software for implementing the proposed programme, an official in the ministry of corporate affairs said.

The computerisation programme will be done across the offices of the country���s official liquidators (OLs), which oversee such liquidation schemes. The e-governance drive in the OLs, which work under the directions of state high courts, is aimed at making these offices better governed.

���The main objective of the automated web-based management information system in the OLs is to track, monitor and control various activities of OLs and make relevant information available to all stake holders,��� an official in the ministry of corporate affairs, on the condition of anonymity, said. The new software will be integrated with the MCA-21 computerisation project of the ministry of corporate affairs and the websites of the high courts.