ROC Kanpur Imposes Penalty on Company and its Directors for Not Filing MGT-14:

ROC Kanpur Imposes Penalty on Company and its Directors for Not Filing MGT-14 The Registrar of Companies (ROC), Kanpur, under the Ministry of Corporate Affairs, has passed a penalty order against a company and its directors for non-filing of Form MGT-14, a mandatory requirement under the Companies Act.

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The default was uncovered during an inquiry conducted under Section 206(5) of the Companies Act. It was found that the company, Pillars Mutual Nidhi Limited, had failed to file Form 14 from FY 2015 to 2021 for the approval of accounts, violating the provisions of the Companies Act. Section 117(1) read with Section 179(3)(g) of the Companies Act requires companies to file a copy of specific resolutions and agreements with the ROC using Form MGT-14 within 30 days of passing them. Non-filing of Form MGT-14 can result in a penalty of Rs 10,000 plus Rs 100 per day for continuing default (limited to Rs 2 lakh). The ROC had issued a show cause notice to the company, but no reply was received from the company or its directors, and no request was made for a personal hearing. Considering the non-response, the ROC imposed a penalty of Rs 1,48,600 on the company and Rs 50,000 each on its 4 directors.

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The company and the directors have been directed to rectify the default and pay the penalty within 90 days through the MCA e-Adjudication facility.