ROC Imposes Penalty on Company and Director for Failure to Furnish Financial Statements for FY 2021-22:

The Registrar of Companies (ROC), Guwahati, under the Ministry of Corporate Affairs (MCA), has penalised a company named Grass Root Finance & Investment Company (India) Limited and its director for contravening the provisions of section 137(1) of the Companies Act, 2013, by not furnishing financial statements for the financial year 2021-22.

The Ministry had ordered an inquiry of the company through a letter No. 3/2017/2020/DGCoA-Part I dated June 28, 2021, under section 206(4). Consequently, in adherence to the MCA's letter, an enquiry was conducted on the subject company.

During the course of the enquiry, it was noted, as per the information available on the MCA portal, that the company had failed to file the financial statements for the financial year 2021-22. This failure was an explicit violation of the provisions of section 137(1) of the Companies Act, 2013.

Accordingly, for this non-compliance, the Ministry has held the subject company and director liable for penal action under section 137(3) of the Companies Act, 2013, and levied a penalty amounting to Rs 72900 on Grass Root Finance & Investment Company (India) Limited and Rs 25000 on Jiten Chandra Bora (managing director).

They have been directed to pay the imposed penalty amount and rectify the default within 90 days of receiving the order. In case they are not satisfied with the order, they can challenge the same before the Regional Director, RD Guwahati, within 60 days of order receipt.