Bengaluru: The problem with MCA21, the corporate affairs ministry’s portal, is not limited to the inability to upload filings. Users of the portal say that even accessing the documents is becoming difficult.
Shravani JoshiThe company law expert, who works at RuleZero, a Bengaluru-based equity management firm, says he and his colleagues are unable to access updated documents on the portal. “We are not able to receive filings after November 2022. Since we are in market intelligence, it affects our ability to analyze companies. If the company we are analyzing is our client, So we can ask them for updated data. But if they are not there, it becomes a problem,” says Joshi.
for company secretary Shrivani Tyarla, work gets affected as it is unable to do due diligence and audit for its clients due to lack of data. She says that the audit which should be done by the company secretary during fund raising or other transactions is not being done as efficiently as it should be. “When we pull data from MCA21, it’s authenticated. But when we contact a company, there’s no way to verify that data. So now, we’re putting a disclaimer that the data from MCA21 The filing has not been certified,” says. Tirela.
Professionals are facing problems with MCA21 since last one year. The problems started when MCA and LTIMindtree moved to a new version of the portal, called version 3 (or V3). Initially, the new version was operational for limited liability partnership companies. But earlier this year it was opened to all companies.
Jigar ShahA company secretary says the new version of the MCA portal is not capable of allowing public inspection of documents. Shah says, “It is the job of the Registrar of Companies to make it available. But what was filed under V2 is available to us. Customers like banks and foreign investors are facing problems as they cannot verify the financial status of any company. Not able to authenticate.” For historical data going back about a year, Shah and his colleagues have to use their V2 logins to access the documents.
Some of these professionals say that even after raising complaints on this issue, there is no solution. LTIMindtree, the company that maintains the portal, did not respond to TOI’s queries.
TOI has been reporting for several months now about problems faced by users in filing mandatory corporate forms. The finance ministry has been assuring companies that glitches will be ironed out, but little has changed. The Ministry of Corporate Affairs has started holding meetings with chartered accountants and company secretaries and stakeholders such as LTIMindtree to sort out the issue.
Shravani JoshiThe company law expert, who works at RuleZero, a Bengaluru-based equity management firm, says he and his colleagues are unable to access updated documents on the portal. “We are not able to receive filings after November 2022. Since we are in market intelligence, it affects our ability to analyze companies. If the company we are analyzing is our client, So we can ask them for updated data. But if they are not there, it becomes a problem,” says Joshi.
for company secretary Shrivani Tyarla, work gets affected as it is unable to do due diligence and audit for its clients due to lack of data. She says that the audit which should be done by the company secretary during fund raising or other transactions is not being done as efficiently as it should be. “When we pull data from MCA21, it’s authenticated. But when we contact a company, there’s no way to verify that data. So now, we’re putting a disclaimer that the data from MCA21 The filing has not been certified,” says. Tirela.
Professionals are facing problems with MCA21 since last one year. The problems started when MCA and LTIMindtree moved to a new version of the portal, called version 3 (or V3). Initially, the new version was operational for limited liability partnership companies. But earlier this year it was opened to all companies.
Jigar ShahA company secretary says the new version of the MCA portal is not capable of allowing public inspection of documents. Shah says, “It is the job of the Registrar of Companies to make it available. But what was filed under V2 is available to us. Customers like banks and foreign investors are facing problems as they cannot verify the financial status of any company. Not able to authenticate.” For historical data going back about a year, Shah and his colleagues have to use their V2 logins to access the documents.
Some of these professionals say that even after raising complaints on this issue, there is no solution. LTIMindtree, the company that maintains the portal, did not respond to TOI’s queries.
TOI has been reporting for several months now about problems faced by users in filing mandatory corporate forms. The finance ministry has been assuring companies that glitches will be ironed out, but little has changed. The Ministry of Corporate Affairs has started holding meetings with chartered accountants and company secretaries and stakeholders such as LTIMindtree to sort out the issue.