ROC Waives Penalty After Company Rectifies Filing Delay in Time:

ROC Waives Penalty After Company Rectifies Filing Delay in Time The Registrar of Companies (ROC), Bangalore, decided not to impose any penalty on a private company and its directors after they corrected a default within the allowed time. The company, Lotus Steel Billets (India) Private Limited, did not file its Annual Return and Balance Sheet for the financial year 2023-24.

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This case was a clear violation of Section 137 of the Companies Act, which mandates that every company must file its financial statements, such as consolidated statements, the auditor's report and board reports, with the Registrar of Companies (ROC) within 30 days of the Annual General Meeting (AGM) using the Form AOC-4. The company was held liable for a penalty under Section 137(3) of the Act. The ROC issued a show-cause notice to the company. In its reply, the company said that it had already completed the pending annual filings for the FY 2023-24. The company said that the forms have been filed, and the applicable filing fees and the extra fees have also been paid.

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The company also explained that the delay occurred due to an unavoidable situation. As per the relevant provisions of the Companies Act, if a company corrects such a default within 30 days of receiving the notice, no penalty is required to be imposed. As a result, no penalty was levied on either the company or its directors.