Home Companies Act Penalty of Rs. 12.80 Lakhs levied by ROC on Company and Directors for Non-Appointment of CFO

Penalty of Rs. 12.80 Lakhs levied by ROC on Company and Directors for Non-Appointment of CFO

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Penalty of Rs. 12.80 Lakhs levied by ROC on Company and Directors for Non-Appointment of CFO

Penalty of Rs. 12.6 Lakhs levied by ROC on Firm and Administrators for Non-Appointment of CFO

The Registrar of Firm (ROC) within the matter of M/s. Sylph Technolpgies Restricted has imposed penalty of Rs. 12.6 Lakhs on Firm and Administrators for Non-Appointment of CFO.

The Firm viz.M/s. Sylph Applied sciences Restricted (CIN- L36100MP1992PLC007102) [herein after known as company] is a registered firm with this workplace below the provisions of Corporations Act, 2013 having its registered workplace located at 201 E Johari Palace 51 MG Highway, Indore Tukoganj, Indore 452001, M.P. as per the MCA web site.

Key Texts concerning the case:

Subsequently, this workplace had issued present trigger discover U/s. 203(1) of the Corporations Act, 2013 to the corporate and its officers in default vide No. ROC-G/Adj.Pen./u/s. 203(1)/Sylph/Tech./2377 to 2381 dated 20.10.2023 to the corporate and officers in default.

Whereas inquiry u/s. 206(4) of the Corporations Act, 2013 is carried out by the IO. The Directorate vide its path dated 01.05.2023 has directed to ROC, Gwalior to take mandatory motion within the matter for violation of Part 203(1) of the Corporations Act, 2013. Throughout the inquiry u/s. 206(4) of the Corporations Act, 2013, the corporate has no CFO appointed since 2015-16 to 2018- 19. Thus, it seems that the corporate has violated the provisions of Part 203(1) of the Corporations Act, 2013 which attracted penal provisions u/s. 203(5) of the Corporations Act, 2013 for the interval from 02.11.2018 to 31.03.2019.

On listening to date no particular person of the corporate or consultant of the director has attended the listening to which was mounted on 30.11.2023.

Order:

Having thought-about the information and circumstances of the case and after considering the elements above and letter dated 20.10.2023 & 22.11.2023 issued by ROC, Gwalior, it’s concluded that the corporate and its officers in default are chargeable for penalty as prescribed below Part 203(5) of the Act for default is made in complying with the necessities of Part 203(1) of the Act of the corporate viz. Sylph Applied sciences Restricted 210 days (i.e. 02.11.2018 to 30.05.2019) by way of Part 203(1)of the Corporations Act, 2013.

Accordingly, Inclined to impose a penalty as prescribed below sub-section 203(5) of the Corporations Act, 2013. The penalty of Rs. 12.80 Lakhs imposed on the corporate and officers.

The penalty is commensurate with the aforesaid failure dedicated by the discover and penalty so imposed upon the officers-in-default shall be paid from their private sources/revenue. It’s additional directed that penalty imposed shall be paid by the Ministry of company Affairs portal solely as talked about below Rule 3(14) of Firm (Adjudication of Penalties) (Modification) Guidelines, 2019 below intimation to this workplace.

The penalty quantity shall be remitted by the corporate by MCA21 portal inside 60 days from the date of order. The corporate must file INC-28 as per the provisions of the act attaching the copy of adjudication order alongwith cost challans.

As per Part 454(8) (i) the place an organization fails to adjust to the order made below sub-section (3) or sub-section (7) because the case could also be inside a interval of 90 days from the date of receipt of the copy of the copy of the order, the corporate shall be punishable with wonderful which shall not be lower than twenty-five thousand however which can lengthen to 5 lakh rupees.

The place an officer of an organization or some other one who is in default fails to adjust to the order made below sub-section (3) or sub-section (7) because the case could also be inside a interval of 90 days from the date of receipt of the order such officer shall be punishable with imprisonment which can lengthen to 6 months or with the wonderful which shall not be lower than twenty 5 hundreds rupees however which can lengthen to at least one lakh or with each.

This order is with out prejudice to the rights out there to this workplace to provoke separate motion together with however not restricted to the penal actions for contraventions of associated, incidental and/or persevering with offences/contraventions.

When it comes to the provisions of sub-rule 3 of the Corporations (Adjudication of Penalties) Guidelines, 2014 copy of the order is being despatched to Sylph Applied sciences Restricted, 201, E-Johari Palace, 51, M.G. Highway, Tukoganj, Indore 452001, M.P., Sh. Vineet Shrivastav, Scheme No. 54, A.B. Highway, Satya Sai Sq., Vijay Nagar, Indore, M.P., Sh. Rajesh Jain, 54, Patrakar Colony, Indore 452001, M.P. and Jayshri Jain, 54, Patrakar Colony, Indore, M.P. RD, NWR, Ahmedabad and also will add on MCA web site.

The adjudication discover stand disposed off with this order.

For Official Order Obtain the PDF Given Under:

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