The Registrar of Company, Cuttack of Odisha has imposed Penalty of Rs.7.5 Lakh for Non-Mention of DIN and Risk Management Policy.
Reetu | Jul 15, 2023 |
Penalty of Rs.7.5 Lakh levied for Non-Mention of DIN and Risk Management Policy
The Registrar of Companies, Cuttack of Odisha has imposed Penalty of Rs.7.5 Lakh for Non-Mention of DIN and Risk Management Policy.
SUBARNAREKHA PORT PRIVATE LIMITED (hereinafter referred to as “the Company”) was incorporated in the State of Odisha as a Private Company Limited by shares under the Companies Act, 2013 on 01.10.2008 bearing Corporate Identification Number U45203OR2008PTC010351 and having its registered office at DCB 414-417, 4th Floor, DLF Cybercity, chandakil Industrial Estates, KIIT, Bhubaneswar, Khorda-751024, Odisha as per the records maintained by this office in online registry.
Upon Inquiry under section 206(4) of the Companies Act, 2013 this office had issued notice for violation of various compaines Act,1956 and 2013 on 23rd December, 2020. In the said notice violation of Section 266F of the Companies Act, 1956 & Section 158 of the Companies Act, 2013 was pointed out in the balance sheet filed by the company for the financial year ending 31.03.2021 to 31.03.2018 and violation of Section 134 of the Companies Act, 2013 was pointed out in the Board Report for the financial year ended 31.03.2011 to 31.03.2017. In response to the said notice, neither the company nor any of the director furnished any reply. Subsequently this office issued notice under section 207(3) of the Companies Act, 2013 to appear before the Inquiry Office with documentary evidence towards the show cause notice. In response to the show cause notice, the applicant replied to all the queries raised by the AROC vide its letter dated 12th February, 2021 and admitted the violations committed by the company.
Thereafter the company preferred to compound the offence made by them and accordingly, the compounding application under section 441 of the companies Act, 2013 for and violation of section 266F of the Companies Act, 1956 & violation 158 of the Companies Act, 2013 and violation of section 134(3)(n) of the Companies Act, 2013, 2 (two) Nos of e forms GNL.1 vide SRN F05488135 and F05518162 dated 10.06.2022 filed with this office by electronically and physically.
Based on the aforesaid application a report along with the applications was sent to the Directorate vide this office letter of even No. ROC/Legal/ 634/661/10351/2021/ 1904 dated 16.02.2023. Directorate vide its letter No. RD/ ER/ 441/ 28/ 2022/ 1126 dated 29.05.2023 directed this office stating that “the subject offences have been decriminalized and DGCoA vide e-mail dated 11.05.2022 intimated that all cases filed under Companies Act, 1956 and Companies Act, 2013, which were subsequently decriminalized in the Companies Amendment Act, 2013 can be considered for adjudication under the penalty mechanism”. Based on the direction of the Directorate the notice for hearing was sent to the company on 26th June, 2023 fixing the date of hearing on 05.07.2023.
On the date of hearing i.e. 05.07.2023 the authorized representative of the company Shri Saroj Kumar Ray, FCS, Company Secretary in Practice of behalf of the company and the defaulting whole time director of the company Shri Ramani Ramaswamy appeared before the under signed and admitted the default.
Having considered the facts, circumstances and documentary evidence of the case, and after taking into account of the factors above, the A.O. is of the considered view that the company has violated the provisions of section 158/266F of the Companies Act, 2013/ 1956 and Section 134(3)(11) of the Companies Act, 2013. Hence, the A.0 do hereby impose penalty of Rs.7,50,000 on the Company and its Directors/ Officer-in-Default for violating the provisions of section 158/266F of the Companies Act, 2013/1956 and Section 134(3)(n) of the Companies Act, 2013 of the Companies Act, 2013.
The company and its directors are hereby directed to rectify the default immediately, if not done earlier.
The notice(s) shall pay the said amount of penalty individually for the company and its directors (out of own pocket) by way of e-payment (available on Ministry website) under “Pay miscellaneous fees” category in MCA fee and payment services within 90 days of receipt of this order. The Challan/ SRN generated after payment of penalty through online mode shall be forwarded to this Office Address.
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