ROC Imposes Penalty For Non-Compliance In Securities Allotment Filing:

ROC Imposes Penalty For Non-Compliance In Securities Allotment Filing The Registrar of Companies, Chennai, passed an order against Thirumalai Thirumal Nidhi Limited and its director Thangavel Jothirajan for violating Section 450 of the Companies Act, 2013. The company did not provide complete details, such as PAN numbers and email IDs of the allottees, in Form PAS-3 while reporting the allotment of securities. These details are mandatory under Rule 14(6) of the Companies (Prospectus and Allotment of Securities) Rules, 2014. The company argued that one of its directors had committed fraud by collecting share applications without proper KYC verification. However, the adjudicating authority still held the company and the director responsible for the non-compliance. After conducting hearings, the ROC imposed a penalty of Rs. 10,000 on the company and Rs. 10,000 on the director. They were also directed to correct the default and pay the penalty within 90 days. The order further states that an appeal can be filed before the Regional Director, Chennai, within 60 days.