The Ministry of Corporate Affairs ("MCA") via General Circular No. 03/2023 ("GC 3") has decided to allow additional time of 15 (fifteen) days for filing of forms listed in General Circular No. 01/2023 ("GC 1") without additional fees. GC 1 had required the filing of various forms in the MCA's newly introduced MCA21 Version 3 portal ("V3 Portal"). The GC 3 has also provided for an extension of 15 (fifteen) days for filing of all such Form PAS-3s (Return of allotment) whose due dates for filing fall between January 20, 2023, and February 06, 2023.
As background, the MCA, as part of its digital transformation initiatives, had announced the transition from the MCA21 Version 2 portal ("V2 Portal") to the V3 Portal. Previously, the V2 Portal was used by companies to make filings by filling the forms manually and uploading the same onto the portal. In the V3 Portal, the forms are intended to be filled out online, enabling user convenience and the ability to save half-filled forms. The V3 Portal also provides the convenience of a personalised 'My Application' feature, which allows users to view all the forms filed by them, along with the status of the same.
However, in recent times, reports of significant glitches in the V3 Portal have been reported by various organizations. This prompted the Institute of Company Secretaries of India to write to the MCA detailing the practical and technical issues with the V3 Portal. In a separate instance, the Kerala High Court passed an interim order directing the Registrar of Companies, Kerala to accept physical filing of the prospectus and Form PAS-2 (Information Memorandum) form since the V3 Portal had crashed.
While the introduction of the V3 Portal brings with it much-needed convenience, we hope that these issues are resolved soon and provide respite to companies.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
