Government advises LTI Mindtree to address MCA-21 concerns

The government has asked LTI Mindtree to look into the possibility of offering a little more flexibility in corporate filings, including on annual filings, while addressing some of the main concerns of stakeholders on the MCA-21 platform, which range from slow speed, problems in PDF generation, to issues coming up in downloads. Following discussions with seven stakeholders, where business leaders voiced their objections to the platform upgrade, LTI Mindtree has been instructed to resolve some of the bugs by July 15 and others by August 1. Due to criticism surrounding its work on the third version (V3) of MCA21, the government was forced to postpone some compliance and enforcement measures.

As a result, MCA is considering enabling yearly filings in MCA21 V2, albeit it won’t make a decision until close to August 15 because various issues are anticipated to be resolved. Another choice is to use tools for annual files, such as the income tax portal earlier, so that some tasks can be completed offline to lighten the workload.Additionally, according to officials, directors of Indian companies with foreign offices have complained that they frequently cannot get the OTP via SMS, which prompted MCA to investigate the potential of offering the option via WhatsApp. However, these are viewed as short-term remedies in a system that has hampered business sector compliance and regulatory functioning.