MCA penalizes directors for not filing Notes to Accounts forming part of Financial Statements

MCA penalizes directors for not filing Notes to Accounts forming part of Financial Statements The Ministry of Corporate Affairs(MCA) has imposed penalty of Rs.4,50,000 on directors for not filing Notes to Accounts forming part of Financial Statements. Company M/s. HYDRO PROKAV PUMPS INDIA PRIVATE LIMITED (hereinafter Known as Company) is a company registered with this office under the provisions of the Companies Act, 2013 having its registered address at Door No.1/18, 1/18-1, Palladam Main Road, Othakkalmandapam, Coimbatore-641 032.

FACTS & FINDINGS:

The company and its directors have filed suo-moto application in this office on 29.07.2022 for adjudication of the penalty for violation of section 134 of the Companies Act, 2013. The undersigned in exercise of power conferred under sub section 4 of section 454 of the Companies Act, 2013 with a view to give a reasonable opportunity of being heard before imposing any penalty, fixed the date of hearing on 07/09/2022 at 11.30 AM to adjudicate the penalty for violation of provision of section 134 of the Companies Act, 2013. Sub-section (8) provides that if a company is in default in complying with the provisions of this section, the company shall be liable to a penalty of three lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees.

ORDER:

Having considered the facts and circumstances of the case and the submissions made by the authorized representative of the Respondent, the Adjudicating officer do hereby impose penalty on Company and its director as per Table below for violation of Section 134 of the Companies Act, 2013. The penalties imposed as under should be paid by the Respondents as per Law and submit the copies of Challan to this office. The company should file the INC 28 with attachment of this order and copy of aforesaid Challan. The company and its directors are hereby directed to rectify the defect immediately on receipt of copy of this order. The penalty of Rs.4,50,000 imposed shall be paid through the Ministry of Corporate Affairs portal only. For Official Order Download PDF Given Below: