Company Fails to File Financial Statement on Time: ROC Imposes No Penalty:

Company Fails to File Financial Statement on Time: ROC Imposes No Penalty The Registrar of Companies (ROC), Chennai, levied no penalty on a company despite the company's failure to file the financial statement on time. The company, Net Carbon Vision, was found to be violating section 137 of the Companies Act, which mandatorily requires a company to file its financial statement (including consolidated statements, auditors' report, and board reports) with the ROC using Form AOC-4 within 30 days of its Annual General Meeting (AGM).

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The company held its annual general meeting for the financial year 2023-2024 on April 4, 2025, and the copy of the financial statement was filed by the company with a delay of 193 days. Thus, violating Section 137 of the Companies Act, 2013. This violation was voluntarily reported by the company through a suo moto adjudication application under Section 454.

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The company and its directors were held liable for penal action under Section 137(3) of the Companies Act, 2013. However, as the company had filed the form AOC-4 before the issuance of the notice of the adjudicating officer, the ROC reduced the penalty of the company and its directors to zero.