Roc fines Rs 3.50 Lakh for filling Illegible BS via Form AOC-4
Table of Contents
Roc fines INR 3.50 Lakh for Submitting Illegible BS via Form AOC-4
Introduction: In , The MCA via ROC Office in West Bengal issued an adjudication order U/s 454(3) of the Companies Act, 2013, Jointly with the Companies (Adjudication of Penalties) Rules, 2014 & 2019 Amendments. This order addressing the Non Compliance regarding filing of financial statements by M/S Pre-Stressed Udyog (India) Pvt Ltd u/s 137 of the Companies Act, 2013, has been addressed in this order issued dated on 5th Feb, 2024.
Case Analysis:
Appointment of Adjudicating Officer: Appointment of an Adjudicating Officer was done dated on On 24th of March, 2015 by The MCA with the objectives to oversee penalties under the Companies Act, 2013. This Appointment highlights the commitment of the Govt with regards to enforcements regarding transparency & compliance towards the Corporate sector in India.
The Company and Non-Compliance Details
- Company: Name: M/S Pre-Stressed Udyog (India) Pvt Ltd
- Company Incorporation Date: June 17, 1981
Details of Non-Compliance: M/S Pre-Stressed Udyog (India) Pvt Ltd was not able to file eligible financial statements for the fiscal year ended March 31, 2016. This negligence attributed to technical issues during the old management’s term, contravenes Section 137, which requires the filing of c financial statements within 30th days of the AGM.
Process of Adjudication & Hearing : The Company’s authorised representatives appeared before Adjudication officer after an adjudication ROC Notice was issued & asked for leniency stating that change in management & some technical difficulties as reasons for negligence. But, Strict compliance with regards to filing of Statements is required by law, leading to the imposition of penalties.
MCA Order & Penalty Imposition: For Such Non-Compliance M/S Pre-Stressed Udyog & its Directors (both Past & Present) were imposed with Penalty of Rs.3.5lakhs. This Penalty was based on a calculated continuing offense from the timeline date of filing until date of the hearing. The breakdown of penalties draws attention towards individual accountability & Seriousness of non-compliance.
Compliance and Appeal Process: The ROC Notice demonstrates importance of quick penalty payment & outlines the appeal process, reinforcing Regulatory framework’s structure & Ways available for rectification. It also highlights the consequences of non-payment, underlining the legal obligations of corporate entities and their management.
Sum-up: The MCA adjudication order against M/S Pre-Stressed Udyog (India) Pvt Ltd serves as a excellent reminder of the severity of compliance with the Companies law. It emphasizes the MCA determination to establish Corporate Transparency & Accountability &. This MCA Adjudication order demonstrates the procedural diligence needed from companies in their Statutory & other ROC filings and Potential consequences of non-compliance. Corporate entities must follow ROC rules & regulations to avoid penalties and promote a transparent corporate environment beneficial to investor confidence & growth.
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