Truth be told !
Sharada SC
Founder, S C Sharada & Associates, Company Secretaries, Koramangala, Bangalore
Data is the new oil. Data is power. Both, organisations as well as Governments rely heavily on data for decisions. Therefore, the source of data, its compilation, agency responsible, process used, its analysis and presentation, purpose – all become crucial to lend credibility to the exercise.
Sample this data from the ?MCA portal :
18,61,272 forms have been filed on V3 portal since 1st April 2023.
Portal performance and pdf generation time has been significantly improved.
16,665 LLPs have been incorporated from 1st April to 19th July 2023 which is higher than the previous year count of 8,764 in the same period.
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11,865?company incorporation forms have been filed from 1st to 19th July 2023 which is higher than the previous year count of 10,208 forms in the same period.
This kind of system generated data does not lie. It is not a survey-based statistic. MCA (Ministry of Corporate Affairs) ?has even taken the trouble of giving previous year’s figures for comparison. Well, does this speak the truth ? the complete truth ? No, if you go by the daily frustrating experience, we professionals are subjected to by the unreliable portal since January 2023. While the HITS are highlighted, what about the MISSES which may be in larger number, sheerly because of the poor portal performance ? Almost every incorporation is getting delayed by 1 or 2 months, with founders having to pay additional fee for extension of time – just because the third party software MCA has deployed, chooses to play truant with us. Professionals who are meant to spend time on understanding and interpreting the laws, advising corporates are reduced to filing clerks, since most often, a single form takes close to 2 to 3 days to file. It is nothing short of a nightmare that is causing deep stress and anguish. No exaggeration here, since I see my team struggling every single day against new technical errors. They exercise the highest amount of patience and diligence but many a times, throw their hands in despair, after several failed attempts to file even at late night. Agreed that MCA with the help of our alma mater ICSI is trying to resolve tickets for us but IT IS JUST NOT ENOUGH ! I sincerely wish MCA does some deep diving into tickets raised and correctly resolved (yes sometimes they are just closed with no actual solution) and put out data. Also hold the service provider ACCOUNTABLE to set the system right.
Trust is built with data but data that is the ABSOLUTE TRUTH and not a MASKED TRUTH. This is akin to the famous story in the Mahabharata war of how Guru Drona was made to lay down his weapons. Yudhishtra (who always speaks the truth) announces “Ashwathama, hatha kunjara”. The truth was that Ashwathama, the elephant was killed, but by uttering the word ‘kunjara’ softly, Drona was made to believe that his son Ashwathama was killed. Truth was spoken but only the convenient truth and not the actual truth !
To read more click on our newsletter https://sharadasc.com/samhita-july-2023/
Company Secretary in Practice
1 年Data on number of complaints made to MCA this year with previous year shall be disclosed, along with comparison of number of companies incorporated. Complaints raised and solution provided by MCA shall be made public. Most of the times Complaints are closed by typing a home remedy for deadly issue.
Practicing Company Secretary
1 年One is the data that MCA generates; the other is a far serious issue. Business houses, start-ups and many deals where time is of the essence, have crumbled. Many start-ups and mid-sized companies have taken a back seat on scaling up as the funds did not go through for want of compliance completion. This also means that the projections of these entities would not go through as projected. An automatic lag has already developed and that data is not captured. Therefore, "data" as such can truly be an abstract art.
Partner
1 年Half information is as good as no information. The analytics have to be meaningful to derive conclusions. In an inclusive environment, one sided data is more harmful than good especially when the users are professional community, who are trying to find their own livelihood, livelihood for lakhs of aspiring professionals and compliance management which is the edifice for corporate survival such that the entire governmental and non-governmental workforce is dependent on this sheer foundation!! That’s the seriousness this MCA activity is required to promulgate. Hope the situation would be better soon.
Practicing CS, Registered Valuer, Social Auditor, LLB, IPR, Independent Director, Marathon Runner, Masters in Journalism, MCOM, Faculty at ICSI
1 年Sorry state of affairs along with problems in functioning of MCA V3 portal is continuing. Not a single form is filed without much hussle. I am unable to register a DSC since a month due to some unknown reason. MCA cannnot just blow their own trumpet by telling is numbers which must have came out due to sheer patience and lots of time consumed by professionals. We are only facing wrath of clients and loosing many client’s. It calls for an action against #LTImindtree who is unable to provide glitch free website which is essential for running the business or per se the economy of the country on larger extent. Very nicely elaborated article Mam. Thank you for highlighting
Founder, S C Sharada & Associates, Company Secretaries, Koramangala, Bangalore
1 年This is part of our 290th newsletter https://sharadasc.com/samhita-july-2023/