The Corporate Affairs Ministry expects to soon resolve the glitches in its e-governance initiative MCA-21, now being managed by Infosys. IT bellwether Infosys took over the MCA-21 initiative on January 17 from Tata Consultancy Services.
The Corporate Affairs Ministry expects to soon resolve the glitches in its e-governance initiative MCA-21, now being managed by Infosys . IT bellwether Infosys took over the MCA-21 initiative on January 17 from Tata Consultancy Services .
In recent days, there have been glitches in the MCA-21 portal, including slow speed and difficulties in uploading documents.
"This is a transitional phase. We hope that the glitches will be over very soon," Corporate Affairs Secretary Naved Masood told PTI.
When contacted, Infosys declined to comment on the issue. The MCA-21 portal is the key platform for companies for submitting the required documents and filings to the Registrar of Companies (RoC). Besides, the website provides public access to corporate information.
The initiative is designed to fully automate all processes related to enforcement and compliance of the legal requirements under the Companies Act.
Infosys bagged the MCA-21 contract for a period of five years for about USD 50 million in November last year. The IT firm had said it would revamp the existing application after the transition from the incumbent vendor and manage the overall transformation.
The second phase of MCA-21, from January 2013 to July 2021, has a total project outlay of Rs 357.81 crore.
It includes Rs 54.42 crore for independent project management and certification, besides Rs 29.84 crore for continuous improvement and upgradation to the electronic service delivery of the Corporate Affairs Ministry.
The new features of the latest phase of MCA-21 include replacement of existing desktops, printers and scanners as well as replacement of out-of-support servers and associated infrastructure.
Infosys stock price
On January 27, 2015, Infosys closed at Rs 2136.00, down Rs 78.05, or 3.53 percent. The 52-week high of the share was Rs 4401.00 and the 52-week low was Rs 1447.00.
The company's trailing 12-month (TTM) EPS was at Rs 104.69 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 20.4. The latest book value of the company is Rs 366.51 per share. At current value, the price-to-book value of the company is 5.83.
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