Infosys, which was awarded the contract for developing and maintaining the website of Ministry of Corporate Affairs (MCA), today said it has fulfilled its obligations and any reports of negligence were "misguided".
Infosys , which was awarded the contract for developing and maintaining the website of Ministry of Corporate Affairs (MCA), today said it has fulfilled its obligations and any reports of negligence were "misguided". Earlier this week, MCA had asked rival Tata Consultancy Services for temporary assistance to resolve glitches related to the electronic filing system MCA 21 -- currently being implemented by Infosys.
Concerns were raised over glitches in MCA 21, including slow speed and difficulties in uploading documents. The MCA 21 portal was launched in 2006 and is the main platform for companies to submit documents and filings to the Registrar of Companies. Infosys had taken over the MCA 21 initiative from TCS on January 17, this year. "Successful transition depends upon the current state and stability of the applications and the full cooperation of both service providers. We believe that we have fulfilled all our obligations as per the contract," Infosys said in a statement.
It added that the company is in constant touch with the Ministry, providing information relevant to the architecture and functioning of the portal and has made no significant changes to the system managed by incumbent vendor, Tata Communications. "Any reports that imply that the instability in the MCA 21 applications is on account of our negligence are misguided," Infosys said.
Tata Communications was the vendor used by the earlier provider (TCS) to manage the technology infrastructure. "We have decided to continue to retain the services of Tata Communications to manage the technology infrastructure for us as well," Infosys said.
Infosys had won a 6.5 year contract to develop and maintain the MCA21, an application suite offered by the Ministry of Corporate Affairs. "Transitioning a large application suite like MCA 21 at the best of times is complex.... We are working with Ministry to ensure that the system performs to its optimal level," Infosys said.
Infosys stock price
On August 22, 2014, Infosys closed at Rs 3594.00, down Rs 38.75, or 1.07 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2894.00.
The company's trailing 12-month (TTM) EPS was at Rs 185.71 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 19.35. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 4.90.
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