Company, Directors penalized for Non-Filling of Annual Financial Statements

The Ministry of Corporate Affairs (MCA) in the matter of M/S PACELIFE MARKETING PRIVATE LIMITED has penalized the Company and Directors for Non-Filling Annual Financial Statements.

Fact About Case:

Whereas as per MCA Registry, the company has not filed its Balance Sheet for the financial year 2019-20 to 2021-22. This office has issued Show Cause Notice for violation of section 137(1) of the Companies Act, 2013 read with Companies (Adjudication of Penalties) Rules, 2014 to the company and its directors vide this office letter No. ROC CHD/2023-24/adj/137(3)/46064/550 to 553 dated 04.10.2023. But no reply has been received to such Show Cause Notices.

Therefore, it is concluded that the company and its officers in default are liable for penalty as prescribed under Section 137(3) of the Act for non-filing of Financial Statements of the company viz M/s PACELIFE MARKETING PRIVATE LIMITED for: –

• Financial Year 2019-20 for 1123 days i.e., with effect from 31.01.2021 (last date of filing of financial statements was 30.01.2021) to 27.02.2024 (date of order).
• Financial Year 2020-21 for 784 days i.e., with effect from 31.12.2021 (last date of filing of financial statements was 30.12.2021) to 27.02.2024 (date of order).
• Financial Year 2021-22 for 485 days i.e., with effect from 31.10.2022 (last date of filing of financial statements was 30.10.2022) to 27.02.2024 (date of order).

Order:

Accordingly, the penalty of Rs.381500 is imposed under Sub-Section (3)of Section 137 of the Companies Act, 2013 on the Company and Officers in default.

The penalty is commensurate with the aforesaid failure committed by the Noticees and the penalty so imposed upon the Officers-in-default shall be paid from their personal sources/income.

It is further directed that the penalty imposed shall be paid through the Ministry of Corporate Affairs portal only as mentioned under Rule 3(14) of Companies (Adjudication of Penalties) (Amendment) Rules, 2019 under intimation to this office.

Appeal against this order may be filed in writing with the Regional Director (Northern Region), Ministry of Corporate Affairs, CGO Complex, Lodhi Road, New Delhi, within a period of sixty days from the date of receipt of this order, in Form ADJ setting forth the grounds of appeal and shall be accompanied by a certified copy of this order. [Section 454(5) & 454(6) of the Act, read with Companies (Adjudication of Penalties) Rules, 2014].

Your attention is also invited to Section 454(8)(i) and 454(8)(ii) of the Companies Act, 2013, which state that in case of non-payment of penalty amount, the company shall be punishable with a fine which shall not be less than twenty five thousand rupees but which may extend to five lakh rupees and officer in default shall be punishable with imprisonment which may extend to six months or with fine which shall not be less than twenty five thousand rupees but which may extend to one lakh rupees or with both.

For Official Order Download PDF Given Below: