Home Companies Act ROC imposes Penalty of Rs. 7 Lakh on Company and Directors for Non-Formation of Audit Committee

ROC imposes Penalty of Rs. 7 Lakh on Company and Directors for Non-Formation of Audit Committee

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ROC imposes Penalty of Rs. 7 Lakh on Company and Directors for Non-Formation of Audit Committee

ROC imposes Penalty of Rs. 7 Lakh on Firm and Administrators for Non-Formation of Audit Committee

The Registrar of Firms within the matter of Resonance Eduventures Restricted has imposed Penalty of Rs. 7 Lakh on Firm and Administrators for Non-Formation of Audit Committee.

That the corporate by means of Sh. Ram Kishan Verma, MD & CEO has Suo-moto, made an software to adjudicate the violation dedicated by firm by not constituting audit committee as required by the part 1 77 of the Firms Act, 2013 r/w Rule 6 of Firms (Conferences of Board and its Powers) Guidelines, 2014 for the interval 19.11.2019 to fifteen.04.2021.

This workplace had issued discover for adjudication dated 28.03.2023 for violation Part 177 of the Firms Act, 2013 r /w Rule 6 of Firms (Conferences of Board and its Powers) Guidelines, 2014 punishable underneath part 178(8) of the Firms Act 2013 to the Firm and its Administrators/ Officers in Default/ KMP. The chance of being heard was supplied to the corporate and its administrators/ officers in default/KMP on 11.04.2023.

On the date of listening to i.e. 11.04.2023 Sh. Akshit Kumar Jangid, FCS appeared on behalf of the Firm and Get together No. 01 to 03. Sh. Akshit Kumar Jangid, FCS submitted that the corporate has violated 177 of the Firms Act, 2013 r/w Rule 6 of Firms (Conferences of Board and its Powers) Guidelines, 2014 punishable underneath part 178(8) of the Firms Act 2013 by not constituting audit committee as required by the provisions of the part 177 of the Firms Act, 2013 r /w Rule 6 of Firms (Conferences of Board and its Powers) Guidelines, 2014 for the interval 19.11.2019 to fifteen.04.2021. Additional it was submitted that the corporate has constituted audit committee w.e.f. 15.04.2021. Additional it was prayed to adjudicate the offence for not constituting audit committee of the corporate by imposing minimal penalty. Appointment and cessation of Administrators had been taken as per MCA portal.

In view of the above info the undersigned has affordable trigger to consider that the availability of Part 177 of the Firms Act, 2013 r/w Rule 6 of Firms (Conferences of Board and its Powers) Guidelines, 2014 had not complied with as required underneath regulation by the Firm for the interval 19.11.2019 to fifteen.04.2021 and its administrators/ officers in default/KMP and subsequently chargeable for penal motion underneath part 178(8) of the Firms Act, 2013 r/w sec 454 of the Firms Act, 2013.

In exercising of the ability conferred U/s 454 of the Firms Act, 2013 undersigned has handed the adjudication order imposing penalty of Rs.700000 on the Firm Resonance Eduventures Restricted, Shri Ram Kishan Verma (MD & CEO) and Shri Abhinav Gautam (CS), for violation of Part 177 of the Firms Act, 2013 r/w Rule 6 of Firms (Conferences of Board and its Powers) Guidelines, 2014 punishable underneath part 178(8} of the Firms Act, 2013.

Merely, penalty of 5,00,000/- is imposed on the corporate and Rs 1,00,000 on every Officer in default/KMP particularly Shri Ram Kishan Verma (MD and CEO) and Shri Abhinav Gautam (CS) to be paid as said herein above inside 90 days from the receipt of order vide applicable challan on MCA Portal. The penalty imposed on the Administrators must be paid from their private account.

That failure to pay penalty inside the stipulated interval the corporate and its director/ officers in default are chargeable for authorized motion u/s 454(8) of Firms Act 2013.

For Official Order Obtain PDF Given Beneath:

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