Home Companies Act ROC levies penalty of Rs. 20 Lakhs for Non-Appointment of Company Secretary

ROC levies penalty of Rs. 20 Lakhs for Non-Appointment of Company Secretary

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ROC levies penalty of Rs. 20 Lakhs for Non-Appointment of Company Secretary

ROC levies penalty of Rs. 20 Lakhs for Non-Appointment of Firm Secretary

The Ministry of Company Affairs (MCA) within the matter of SOLIS PHARMACHEN PRIVATE LIMITED has levied a penalty of Rs. 20 Lakhs for the Non-Appointment of Firm Secretary.

M/S. SOLIS PHARMACHEM PRIVATE LIMITED (hereinafter known as “Firm”) is an organization registered beneath the provisions of the Firms Act, 1956/2013 within the State of Gujarat on 03.12.2019, having CIN: U24100GJ2019PTC111161 and presently having its registered workplace located at “Plot No. 4707/A/5 Sentogen Plot, Close to Lyka Chokdi, Bharuch, Ankleshwar, Gujarat, India, 393002”.

Info of the Case

A suo-moto software filed by the corporate in GNL-1 vide SRN F63476352 dated 25.08 2023, the Firm has issued just one Class of Shares i.e. Fairness Shares having a face worth of Rs. 10 Every and having the precise to vote. The classification of the Firm’s Share Capital by way of its Licensed Share capital and issued, subscribed and paid-up Share Capital are as beneath:

A. The Licensed Capital: Presently, the Licensed Share Capital of the Firm is Rs. 25,00,00,000 (Two Crore Fifty Lac) Fairness shares of Rs. 10 (Rupees Ten) every; and

B. Issued, Subscribed and Paid up Share Capital: The issued, subscribed capital and Paid-up Share Capital of the Firm is Rs. 24,75,79,000 (Rupees Twenty-four Crore Seventy 5 Lac Seventy 9 Thousand Solely) divided into 2,47,57,900 (Two Crore Forty-seven Lac Fifty-seven Thousand 9 Hundred solely) Fairness shares of Rs. 10 (Rupees Ten) every.

The presenting officer has submitted that the matter is match for additional proceedings as the corporate and its Officers in default are accountable for penalty beneath part 203(5) of the Firms Act, 2013 for non-compliance with Part 203 of the corporate viz. SOLIS PHARMA CHEM PRIVATE LIMITED within the monetary Yr 2022-23 and 2023-24.

It’s additional submitted that there’s affordable floor to consider that the corporate and its officers in default have violated the provisions of Part 203 of the Firms Act, 2013 as seen although the corporate has filed a suo-motto software for adjudication. In view of the info narrated above, the corporate and its administrators/ officers, in default are accountable for a penalty beneath Part 203(5) of the Firms Act, 2013 and the Guidelines, made thereunder.

The Presenting Officer additional submitted that it’s noticed from the Stability Sheet/ Monetary assertion as at 31.03.2023 the paid-up capital of the corporate is Rs. 24,75,79,000 and Turnover is Rs. 4,25,37,779. Therefore, as per the Ministry’s Notification No. G.S.R. 700(E) dated 15.09.2022, in mild of Firms (Specification of definition particulars) Modification Guidelines, 2022 with respect to the provisions of Part 2(85) of the Firms Act, 2013, the corporate doesn’t fall beneath the ambit of “small firm”. Subsequently, the provisions of imposing lesser penalty as per the provisions of Part 446B of the Firms Act, 2013 shall not be utilized to the corporate.

ORDER

Whereas adjudging the quantum of penalty beneath Part 203(5) of the Firms Act, 2013, the Adjudicating Officer shall have due regard to the next components, particularly,

a. The quantity of disproportionate achieve or unfair benefit, at any time when quantifiable, made on account of default.

b. The quantity of loss triggered to an investor or group of traders on account of the default.

c. The repetitive nature of default.

With regard to the above components to be thought-about whereas figuring out the quantum of penalty, it’s famous that the disproportionate achieve or unfair benefit made by the discover or loss triggered to the investor on account of the delay on the a part of the discover to redress the investor grievance aren’t out there on the report. Additional, it could even be added that it’s tough to quantify the unfair benefit made by the discover or the loss triggered to the traders in a default of this nature.

Having thought-about the info and circumstances of the case and submissions made by the presenting Officer and after taking into consideration the info cited above, the undersigned has affordable trigger to consider that the corporate and its officers in default have did not adjust to the Provisions of Part 203 of the Firms Act, 2013.

Hereby, a penalty of Rs. 7,12,000 is to be imposed for default.

AO is of the opinion that the penalty is commensurate with the aforesaid default dedicated by the Noticees:

The corporate/Officer is additional directed to rectify the default failing which this workplace shall be proceeded additional the matter in pursuant to Part 454A of the Firms Act, 2013 for the non-compliance of the aforesaid provisions of the Firms Act, 2013.

The noticees shall pay the quantity of penalty individually for the corporate and its officers from their private sources/ revenue by means of e-payment out there on Ministry Web site beneath “Pay Miscellaneous charges” class in MCA payment and fee Providers beneath Rule 3(14) of Firm (Adjudication of Penalties) (Modification) Guidelines, 2019 inside 60 days from the date of receipt of this order and replica of this adjudication order and Challan/SRN generated after fee of penalty by on-line mode shall be filed in INC-28 beneath the MCA portal with out additional reference.

For Official Order Obtain PDF Given Beneath:

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