Innoctive Technologies Private Limited was penalised by ROC Pune for using private placement funds before filing Form PAS-3, in violation of Section 42 of the Companies Act, 2013. The company and its directors were fined after voluntarily admitting the procedural lapse.
Aishwarya Singh | May 14, 2026 |
ROC Pune Action Against company for Delay in filing Pas-03 u/s 42 of Companies Act
On May 8th 2026 the Registrar of companies in Pune Imposed innovative technology Pvt Ltd a penalty order for breaking section 42(4) of the companies at 2013. Innoactive Raised By issuing 226 compulsory Convertible prefrence shares After passing a special resolution on January 27, 2022.
Instead of waiting to file the required Form PAS-3 return of allotment with the Registrar, they started using the funds right away from February 8, 2022. That filing only happened on April 6, 2022. It’s a clear violation of the rules.
To their credit, the company stepped forward. They admitted the mistake on their own and filed for adjudication, pointing out there were no upset investors, no shady gains, and nobody lost anything in the process. Since Innoctive is officially recognised as a start-up by DPIIT, they qualify for lighter penalties under Section 446B.
Innoctive must pay Rs 200,000. Each director Vidyadhar Shinde, Raju Salve, and Deepesh Kuruppath, owes Rs 100,000. They have 90 days to settle the penalties through the MCA’s e-Adjudication portal. If anyone wants to challenge the order, they need to do it within 60 days, filing their appeal with the Regional Director in Navi Mumbai.
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