ROC Cracks Down on Company and Directors Over SBO Disclosure Norms Violation

The Registrar of Companies (ROC), Chhattisgarh, has imposed a penalty amounting to Rs 3 lakh on the company, Zigma Dealcomm Private Limited and its two directors for violation under Section 90(11) of the Companies Act, 2013. 

The concerned ministry had directed an inquiry into the affairs of the disputed company under Section 206(4) of the Companies Act, 2013. During the enquiry, it was observed that some shareholders were holding more than 10% of the shares in the company, as per the data available on the MCA portal. However, the company did not take the required steps to identify the Significant Beneficial Owner (SBO) as obligatory under Section 90(4A) and also did not file Form BEN-2, as required under Section 90(4).

This reflects an explicit contravention of the provisions of Section 90 of the Companies Act, 2013 and Rules 4 and 8 of the SBO Rules, 2018. Consequently, the company was liable for penal action under Section 90(11) of the Companies Act, 2013. Neither the company nor its directors asked for an e-hearing. Therefore, no e-hearing was scheduled.

Considering the same aforementioned findings, a Rs 2 lakh penalty has been imposed on the company, Zigma Dealcomm Private Limited and Rs 1 lakh on its two directors, Kailash Kumar Agrawal and Pradeep Kumar Agrawal (Rs 50,000 on each). They have been directed to pay the imposed penalty amount and rectify the default within 90 days of receiving the order.