The company admitted procedural non-compliance in disclosures linked to securities issuance and sought adjudication voluntarily. Despite the absence of mala fide intent, penalties were imposed for violation of capital-raising rules.
The order underscores that MCA records are public and relied upon by stakeholders, making precision in filings non-negotiable. Any incorrect particulars can invite penalties on both the company and the signatory.
The ROC ruled that filing an annual return with wrong AGM dates violates statutory obligations. Subsequent requests to mark the form defective do not nullify penalty liability.
The order deals with failure to attach a registered valuer’s report while filing PAS-3 for debenture allotment. It confirms that such procedural lapses attract penalties under company law.
The ROC held that failure to attach a registered valuer’s report with Form PAS-3 violates Section 39 of the Companies Act. Even a procedural lapse attracts penalty, though relief may apply to eligible startups.
Where updated cash books explained the cash found and no defects were pointed out, additions under section 69A were held unsustainable. Substantiation with regular books prevailed over search-time snapshots.
The U.S. announced a reduction of tariffs on Indian goods to 18%, indicating a strategic reset in bilateral trade. The move could boost Indian exports, subject to formal customs notifications
The Tribunal refused to send the matter back for valuation after finding a clear statutory breach. The addition was deleted outright, reinforcing strict compliance with valuation provisions.
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