MCA21 continues to misfire even as businesses suffer due to persistent glitches

22 Jun 2023 , 01:10 AM

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.

Professionals have reportedly been having problems with the site for a year. The transition to Version 3 (or V3) of the portal by MCA and LTIMindtree, which maintains the gateway, marked the beginning of everything.

The revised version first worked for limited liability partnership companies. It becomes open to all kinds of enterprises in 2023.

The website’s problems go beyond the hiccups one encounters when uploading documents. According to the study, which cited portal users, accessing papers is also getting more difficult.

Jigar Shah, a company secretary, was quoted in the ToI article as saying that the new version of the platform does not allow for public document review. ‘Making it accessible is the responsibility of the registrar of companies. We can only access information that was filed under V2, though. Customers, including banks and international investors, suffer since they cannot verify any company’s financial statements, Shah told ToI.

Users must utilize their V2 login in order to access historical data from up to around a year ago.

Businesses have been guaranteed by the finance ministry that the issues will be fixed. However, nothing has altered.

The report further stated that in order to address the issue, the corporate affairs ministry has started holding meetings with LTIMindtree, chartered accountants, and company secretaries.

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