ROC levies penalty of Rs. 358250 on a Company for non-filing of Financial Statements

The Registrar of Companies (ROC) under Ministry of Corporate Affairs levies penalty of Rs. 358250 on a Company for non-filing of Financial Statements.

Company M/s. Moonbeam Vinimay Private Limited, CIN: U52190BR2012PTC037324 (herein after known as Company) is a company incorporated on 28.03.2012 under the provisions of Companies Act, 1956/2013 in the state of Bihar and having its registered office situated at Hussain Chowk, Basbitti Road, Supaul, Bihar, 852131 India as per MCA website.

Fact About Case:

The company is in default for filing its Financial Statements for the financial years 2018- 2019, 2019-2020 and 2020-2021 with the office of Registrar of Companies, Patna. Hence, this office has issued show cause notice for default under section 137 of the Companies Act, 2013 vide No ROC/PAT/SCN/137 /37324/1294-1300 dated 30.08.2022.

This office has not received any reply from the company and its directors. Hence, it appears that the provisions of Section 137 of the Companies Act, 2013 has been contravened by the company and its directors/officers and therefore they are liable for penalty u/ s 137(3) of the Companies Act, 2013.

Section 137(3) states that:- “If a company fails to file the copy of the financial statements under sub-section (1) or sub-section (2), as the case may be, before the expiry of the period specified therein, the company shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day during which such failure continues, subject to a maximum of two lakh rupees, and the managing director and the Chief Financial Officer of the company, if any, and, in the absence of the managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of fifty thousand rupees”.

As per MCA record, the company has not filed its Financial Statements for the financial years 2018-2019 , 2019-2020 and 2020-2021 till date. Hence the Company and its directors/Officers in default are liable for penalty as per section 137(3) of the Companies Act 2013.

Order:

The noticee shall pay the amount of penalty individually for the company and its directors (out of own pocket) by way of e-payment (available on Ministry website www.mca.gov.in) under “Pay miscellaneous fees” category in MCA fee and payment Services within 90 (ninety) day s of this order. The Challan/SRN generated after payment of penalty through online mode shall be forwarded to this office.

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