ROC Punishes Company and Director for Non-Maintenance of Meeting Records:

ROC Punishes Company and Director for Non-Maintenance of Meeting Records The Registrar of Companies (ROC), Bangalore, has imposed a penalty amounting to Rs 3,000 on the company, AVK Valves India Private Limited and one of its directors among eight for violating Section 118(11) of the Companies Act, 2013. During the inquiry of the disputed company, the Inquiry Officer (IO) found that the company had not properly maintained official records (minutes) of its Board meetings and General meetings under the Secretarial standard 1 and 2 for tax years 2020-21 and 2021-22.

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To clarify the same, the company and its directors were asked to respond through an online system (E-module), however, no one furnished a reply there. Despite the company and directors not filing any reply, they were still awarded a second opportunity for a hearing by the office. Since the company failed to properly adhere to the company's rules and also failed to properly respond. The authority considered it a contravention to the provisions of Section 118(11) of the Companies Act, 2013. Considering the same, the office imposed a penalty of Rs 25,000 on the company, AVK Valves India Private Limited and Rs 5,000 on its director, Deepak Baliga. They both have been directed to pay the imposed penalty amount and rectify the aforementioned default within the time limit of 90 days from receiving the order.

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ITAT Dismisses Multiple Appeals Over Assessee’s Non-Compliance and Repeated Absence

Furthermore, if the company is not satisfied with the present order, it can challenge the same by filing an appeal in writing before the Regional Director, RD Bangalore, within a period of sixty days from the date of receipt of this order.