In the modern era of multicore processors, utilizing cores is a tedious job. Synchronization and communication among processors involve high cost. Software transaction memory systems (STMs) addresses this issues and provide better concurrency in which programmer need not have to worry about consistency issues. Another advantage of STMs is that they facilitate compositionality of concurrent programs with great ease. Different concurrent operations that need to be composed to form a single atomic unit is achieved by encapsulating them in a single transaction. In this paper, we introduce a new STM system as multi-version object based STM (MVOSTM) which is the combination of both of these ideas for harnessing greater concurrency in STMs. As the name suggests MVOSTM, works on a higher level and maintains multiple versions corresponding to each key. We have developed MVOSTM with the unlimited number of versions corresponding to each key. In addition to that, we have developed garbage collection for MVOSTM (MVOSTM-GC) to delete unwanted versions corresponding to the keys to reduce traversal overhead. MVOSTM provides greater concurrency while reducing the number of aborts and it ensures compositionality by making the transactions atomic. Here, we have used MVOSTM for the list and hash-table data structure as list-MVOSTM and HT- MVOSTM. Experimental results of list-MVOSTM outperform almost two to twenty fold speedup than existing state-of-the-art list based STMs (Trans-list, Boosting-list, NOrec-list, list-MVTO, and list-OSTM). HT-MVOSTM shows a significant performance gain of almost two to nineteen times better than existing state-of-the-art hash-table based STMs (ESTM, RWSTMs, HT-MVTO, and HT-OSTM). MVOSTM with list and hash-table shows the least number of aborts among all the existing STM algorithms. MVOSTM satisfies correctness-criteria as opacity.