Home Companies Act Penalty of Rs. 75000 Levied on Company and Director for Non-Filing of Form INC 20A

Penalty of Rs. 75000 Levied on Company and Director for Non-Filing of Form INC 20A

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Penalty of Rs. 75000 Levied on Company and Director for Non-Filing of Form INC 20A

Penalty of Rs. 75000 Levied on Firm and Director for Non-Submitting of Type INC 20A

The Ministry of Company Affairs (MCA) within the matter Radar Safety Options Personal Restricted has imposed a Penalty of Rs. 75000 Levied on Firm and Director for Non-Submitting of Type INC 20A.

The corporate, Radar Safety Options Personal Restricted (hereinafter known as Firm) having CIN: U93000KA2021PTC144257 was integrated on 17.02.2021 and is presently registered below the jurisdiction of Registrar of Firms, Karnataka and the registered workplace of the corporate is located at No. 4, 1st Flooring, SY No. 369 328 52 2 Reverse to Huskur Gate Electronics Metropolis Put up, Attibele Hobli, Anekal Tq, Electronics Metropolis, Bangalore 560 100.

The corporate filed a suo-motu utility on 10.07.2023 relating to non-compliance with part 10A4(1)(a) of the Act. As per part 10A(1 )(a) of the Act, the corporate was required to file e-form INC-20A inside the prescribed interval, by 16.08.2021 i.e., 180 days from the date of incorporation. Nevertheless, the corporate has filed the identical on 12.07.2022 with a delay of 330 days.

As per part 10A(1)(a) of the Act, an organization integrated after the graduation of the Firms (Modification) Act, 2019 and having a share capital shall not begin any enterprise or train any borrowing powers until a declaration is filed by a director inside a interval of 100 and eighty days of the date of incorporation of the corporate in such type and verified in such method as could also be prescribed, with the Registrar that each subscriber to the memorandum has paid the worth of the shares agreed to be taken by him on the date of constructing of such declaration.

Additional, as per Rule 23A of the Firms (Incorporation) Guidelines, 2014, the declaration below part 10A by a director shall be in Type No. INC-20A and shall be filed as offered within the Firms (Registration Places of work and Charges) Guidelines, 2014 and the contents of the mentioned type shall be verified by an organization secretary or a chartered accountant or a value accountant, in observe; offered that within the case of an organization pursuing objects requiring registration or approval from any sectoral regulators such because the Reserve Financial institution of India, Securities and Change Board of India, and many others., the registration or approval, because the case could also be from such regulator shall even be obtained and hooked up with the declaration.

As per part 10A(2) of the Act, if any default is made in complying with the necessities of this part, the corporate shall be liable to a penalty of fifty thousand rupees and each officer who’s in default shall be liable to a penalty of 1 thousand rupees for every day throughout which such default continues however not exceeding an quantity of 1 lakh rupees.

Pursuant to the adjudication utility filed by the corporate, a Discover of listening to was despatched on 15.11.2023 and a bodily listening to was held on 05.12.2023. It was attended by Mr Venugopal M, assistant supervisor of Accounts and Finance of the corporate and Ms. Veena Kirshnamurthy, practising firm secretary and an authorised consultant of the corporate and administrators who made their submissions.

It’s seen from the monetary statements of the corporate from the MCA Portal in addition to the submissions given by the corporate, that the corporate falls below the definition of a small firm as per the provisions of part 2(85) of the Firms Act, 2013. Due to this fact, the provisions of imposing lesser penalties as per part 446B of the Act shall be relevant on this case.

As per the provisions of part 446B of the Act, however something contained on this Act, if the penalty is payable for non-compliance of any of the provisions of this Act by a One Particular person Firm, small firm, start-up firm or Producer Firm, or by any of its officer in default, or another individual in respect of such firm, then such firm, its officer in default or another individual, because the case could also be, shall be liable to a penalty which shall not be greater than one-half of the penalty laid out in such provisions topic to a most of two lakh rupees in case of an organization and one lakh rupees in case of an officer who’s in default or another individual, because the case could also be.

Due to this fact, having thought of the information and circumstances of the case and the submissions made by the corporate/director / key managerial personnel by their authorised consultant, in view of the above-mentioned violation of non-compliance with provisions of part 10A(1) of the Firms Act, 2013, hereby a penalty of Rs. 75000 imposed on the corporate and all of the officers in default in the course of the interval of the offence dedicated.

The corporate and its administrators/ key managerial personnel are hereby directed to pay the penalty quantity as tabulated above inside 90 days from the date of receipt of this Order and file Type INC-28 attaching a duplicate of the Order and cost challans. Within the case of administrators, such a penalty quantity is required to be paid out of their very own funds. The noticee shall pay the mentioned quantity of penalty on-line by utilizing the mca web site (Miscellaneous head) specifying the main points of this Order and the noticee who’s paying the penalty.

Enchantment, if any, towards this Order could also be filed with the Regional Director (South East Area), Hyderabad inside a interval of 60 days from the date of receipt of this Order in Type ADJ setting forth the grounds of attraction and shall be accompanied by a licensed copy of this Order.

For Official Order Obtain PDF Given Under:

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