Welcome to another Friday, chief!

In today’s edition — MCA’s slow and sluggish platform for company filings, V2, is retiring from July 14, and it will be replaced by Version 3, or V3, that promises to be faster and more efficient. Meanwhile, a legal liqueur started simmering in Gonda when a judge’s tea arrived with a foul-smelling snack instead of the usual biscuit. A show-cause notice has been served on the orderly who committed the faux pas.

Time to Break Up with V2

Vishwas Ved

It’s official: V2 is dying. 

Yes, the slow and clunky platform of the Ministry of Corporate Affairs (MCA), which companies and LLPs use for compliance filings, incorporation, and closure of companies, is finally retiring.

Wistful users would have wanted its replacement to be blazing fast, efficient, and sturdy like a V8 engine, but that’s not happening. 

For now, they will have to settle with V3 i.e. Version 3, which promises to rid you of all the stress and anxiety V2 gave you with its frustrating speed and performance.

Save The Date: June 18

For years, V2 could barely keep up with the times and continued using outdated technology. Although it could somehow get the work done, it was not without causing a great deal of hassle for its users. 

Starting June 18, V2 will stop accepting filings altogether, leaving you with just one option: V3. While V3 may not have the roar of a V8 beast, it is said to be significantly faster and smoother, and is unlikely to see frequent breakdowns.

But before you make the switch, here’s what you need to know: if you’ve got any pending Service Request Numbers (SRNs) marked as “pay later” or stuck in resubmission, June 8 is the last day to settle it. Keep in mind that’s just two days from today.

After that, everything moves to real-time filing with V3, and V2 will fade into the sunset.

What’s Special About V3?

The new system will let you fill out forms online, which means no more uploading documents. 

Also, it brings in tools like e-Adjudication and e-Consultation, meant to resolve some common issues. Besides, there's now a compliance dashboard, which will show you what’s due and when.

To access V3 portal services, the ministry has advised all users to either create a new ID or upgrade their existing V2 ID, or merge the V2 ID into the V3 system under the ‘Business User’ category.

V3 Goes Offline, Too

Just when you thought you’ve gotten all the heads-up you needed, here’s a googly: V3 itself will be offline from July 9 to 13. That means no submissions, no corrections, and no emergency filings between those dates. 

So if you have any deadlines coming up between those five days, plan ahead because the ministry has made it clear there won’t be grace periods or fee waiver. 

And finally, July 14 marks the official end of V2. The road ahead is all V3, and it’s designed to make your life easier, faster, and far less stressful.

Final Words

V3 isn’t just about an upgrade of the platform; it’s about shifting to real-time filings. The MCA has been working on this plan since FY22, and the introduction of V3 is a key part of it. It’s designed to be user-friendly and handle all tasks with ease.

So, if you have become comfortable with V2, it’s time to change tracks. Finish all pending filings, get familiar with V3 as soon as possible, and get ready for a smoother ride. 

See you on the other side, chief!

Snacks of Injustice

This may just go down as one of the most remembered controversies of 2025. A Sessions Court in Gonda, Uttar Pradesh, has sent a show-cause notice to a court employee over… biscuits. Yes, biscuits.

The humble buddy of hot tea now finds itself at the centre of a courtroom discussion, seated across from a salty snack giving off some kind of body odour.

Here’s the full story:

On May 30, the judge who issued the show-cause notice had a visitor in his chamber. He asked for two cups of tea and some biscuits.

The tea was served, but the biscuits were missing. He reminded his staff again. This time, a plateful of stale dalmoth (a type of bhujia) was served — still no sign of biscuits.

An upset judge then flipped out and issued the notice, asserting that despite there being two tins of perfectly good biscuits in the almirah, the orderly, Rakesh Kumar, brought out dalmoth that was stale.

The honourable judge concluded that Kumar’s lapse in service was too serious to be overlooked, and demanded an explanation by 10.30 am the next day.

According to some media reports, Rakesh Kumar has submitted his reply to the notice, in which he stated that this was an inadvertent mistake on his part, and that he did not know when the dalmoth packet was bought.

One thing’s clear: in this court, justice may be blind, but it does have a taste.

₹12,500 Crore

HDB Financial Services, the subsidiary of HDFC Bank, is planning to raise ₹12,500 crore via IPO, which will consist of a fresh issuance of equity shares worth ₹2,500 crore, and an offer for sale of ₹10,000 crore by the promoter. The retail-focused non-banking financial company, which had filed draft papers on October 30 last year, will utilise the fresh issue proceeds for augmenting its Tier-I capital base to meet future capital requirements including onward lending, arising out of the growth of its business.

—12% GST slab may be discarded. The GST Council may soon consider a plan to rationalise the goods and services tax rates, reducing them from four to three by eliminating the 12% tax slab, according to a report, citing people aware of the development. The officials have reached a “near consensus” that the current 12% tax slab does not hold much relevance now and the items falling under this could be shifted to either 5% or 18% slab.

—Adani Group sees 29% rise in tax payments. The Adani Group saw a 29% rise in tax outgo across portfolio companies to nearly  ₹75,000 crore, it said on Thursday. This includes both direct and indirect taxes paid, as well as payments toward employee social security. The tax outgo in FY25 is roughly the cost of building the entire Mumbai Metro network or hosting a modern-day Olympics.

—Only clean-fuel buses in Delhi from Nov 2026.  From November 1, 2026, only clean-fuel buses running on CNG, electricity, or BS-VI diesel will be permitted to enter Delhi, the Commission for Air Quality Management announced this week. The announcement follows Delhi Chief Minister Rekha Gupta’s unveiling of a 25-point ‘Air Pollution Mitigation Plan 2025’, which outlines steps to combat Delhi’s worsening air crisis, including the deployment of more than 5,000 electric buses and 2,299 e-autos by the end of the year.

—US imposes entry ban on 12 nations. US President Donald Trump has signed a proclamation reintroducing a sweeping travel ban on nationals from 12 countries and imposing restrictions on travellers from seven others. The order takes effect from 12:01 a. Monday. “The Proclamation fully restricts and limits the entry of nationals from 12 countries found to be deficient with regard to screening and vetting and determined to pose a very high risk to the United States,” the White House said in a statement.

—US court allows apps to bypass App Store fees.  Apple Inc. lost its request to pause a court order requiring it to let App Store developers steer users to the web to purchase in-app items without paying a commission. The ruling by a San Francisco-based federal appeals court is the latest setback for the iPhone maker in a long-running fight with Fortnite maker Epic Games Inc. over the dominance of the smartphone software market with its App Store.

ICYMI | A Tale of Two GSTs

Missed last week's update? Pakistan’s GST is doing more harm than good, says the World Bank in a report released last week, as the tax hits the poor the most, in contrast to its counterpart in India, which has helped reduce poverty. Meanwhile, the Chinese embassy warns its bachelors in Bangladesh: Stop buying brides because instead of walking down the aisle, you could be walking into a trap.

Was this email forwarded to you?

The CFO Weekly Digest is a weekly newsletter brought to you in collaboration with The Core.