Speaking on the success of the scheme, department of company affairs (DCA) secretary PL Sanjeeva Reddy said ``the funds raised from this amnesty scheme will be deployed for modernisation and technological upgradation''.

He said the response of the scheme indicates that the country was moving towards good corporate practices. The government is looking at several new initiatives which will examine and operationalise the concept of corporate excellence on a sustained basis, Mr Reddy said.

The department is also taking the initiative to draft a legislation for the formation of co-operative businesses as companies and to convert existing co-operative businesses as companies under a regulatory framework similar to that of private limited companies. A committee under Dr YK Alagh has been formed to look into this matter, Mr Reddy added.