MCA21 continues to misfire even as businesses bear the brunt of persistent glitches
June 22, 2023
Synopsis
As per various reports, professionals have been encountering issues with site for a year now. It all started when MCA and LTIMindtree (which maintains the portal) shifted to a new version of the portal, called Version 3 (or V3).
MCA21, the portal of India's Corporate Affairs ministry, has lately been in the news for the wrong reasons.
Glitches in the functioning of the site have impacted due diligence and market analytics work of companies and businesses, a ToI report highlighted on June 22.
As per various reports, professionals have been encountering issues with site for a year now. It all started when MCA and LTIMindtree (which maintains the portal) shifted to a new version of the portal, called Version 3 (or V3).
In the beginning, the new version was operational for limited liability partnership companies. In 2023, it was opened up for all kinds of businesses.
The issues with the site are not limited to glitches one experiences while uploading filings. Accessing documents is also becoming hard, the report said citing users of the portal.
Some users are unable to access updated documents on the portal. "We are not able to get filings after November 2022. Since we are into market intelligence, it affects our ability to analyse companies. If the company we are analysing is our client, we can ask them for updated data. But if they are not, it becomes a problem," ToI reported quoting Shravani Joshi, a company law expert at Bengaluru-based equity management company RuleZero.
The resultant lack of data is impacting due diligence and audit work for many. Audit work that needs to be done during fundraisng or other transactions is "not happening as efficiently as it ought to be," company secretary Srivani Tyarla told ToI.
Those who need to access historical data up to about a year ago, are having to use their V2 login for the purpose.
The finance ministry has assured businesses that the glitches would be resolved. Nothing, however, has changed.
There hasn't been any resolution to it despite multiple complaints from users, the report said. LTIMindtree has yet to respond to queries on the issue, ToI said.
Those who need to access historical data up to about a year ago, are having to use their V2 login for the purpose.
The finance ministry has assured businesses that the glitches would be resolved. Nothing, however, has changed.
There hasn't been any resolution to it despite multiple complaints from users, the report said. LTIMindtree has yet to respond to queries on the issue, ToI said.
The report added that the corporate affairs ministry has begun a series of meetings with ..
[The Economic Times]
