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June 17, 2023

MCA21 Glitches Cause Record Number of Cos to Float

by Admin in MCA Circular

MCA21 Glitches Cause Record Number of Cos to Float

33,616 corporations and 10,088 limited liability partnerships were formed in the first two months of fiscal year 24.

Official data revealed that a record 33.616 companies and 10,0881 limited liability partnership (LLP) entities were incorporated in the first two months of current financial year, despite a commotion about technical issues with the most recent edition of the MCA21 platform for corporate filings.

People with knowledge of the facts informed ET that at the end of May of the previous fiscal year, 31,000 businesses had been formed, which was a record at the time, in addition to around 4,000 LLPs.

They made an effort to dispel reports that after the launch of the MCA21 (Version 3 or V3) site for corporations on January 23, incorporation and corporate filings were still essentially paralysed. Some of them did, however, acknowledge that there were teething issues that needed to be resolved right away.

Technical issues plagued the most recent edition of the MCA portal for company filings, which was released in January.

Manoj Govil, secretary of the Ministry of Corporate Affairs (MCA), and executives of LTIMindtree, the company that runs the MCA21 (V3) portal, met with stakeholders for the first time on Thursday in Delhi to address problems that users were having right away. According to the individuals indicated previously, about 200 stakeholders showed up at the appointed location carrying laptops and 120 odd concerns were fixed.

They claimed that between June 20 and June 27, the officials will attend similar meetings in Chennai, Hyderabad, Kolkata, Guwahati, Ahmedabad, and Mumbai in order to resolve numerous concerns before the end of the month.

The meetings are being held as a result of Nirmala Sitaraman, the finance minister, ordering the MCA secretary to resolve the problems as soon as possible to prevent any trouble for the stakeholders.

The government made the decision to gradually roll out the submission of different forms through the MCA21 (V3) site. In March 2022, the filing of 20 documents intended for LLPs became mandatory.

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