The Registrar of Companies, Pune adjudicated penalties for violation of Section 10A(2) of the Companies Act, 2013, after finding that a newly incorporated company commenced business without filing a valid declaration for commencement of business (Form INC-20A) and without receipt of share subscription money from subscribers. Despite being required to file INC-20A within 180 days of incorporation, the company began operations and filed the form incorrectly, as evidenced by its bank transactions. The default was voluntarily reported through a suo motu application, and replies were submitted explaining that the lapse occurred due to commercial pressures at the initial stage of operations. After considering the submissions, the Adjudicating Officer held that the statutory requirement under Section 10A was violated and imposed a penalty of ₹50,000 on the company and ₹1,00,000 each on the two directors, with directions to rectify the default by filing the correct form within 30 days. The order reiterates strict compliance with commencement conditions under company law.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Pune
Registrar Of Companies, PMRDA Green Building, BLOCK A, 1st & 2nd Floor, Near Akurdi Railway Station, Akurdi, Pune,
Maharashtra, India, 411044
Phone: 020-27651375,020-27651378
E-mail: roc.pune@mca.gov.in
Order ID: PO/ADJ/12-2025/PU/01223 Dated: 16/12/2025
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 10A(2) OF THE COMPANIES ACT, 2013.
A. Appointment of Adjudicating Officer:
Ministry of Corporate Affairs vide its Gazette notification number S.O. 831(E) dated 24/03/2015 appointed undersigned as Adjudicating Officer in exercise of the powers conferred by section 454 of the Companies Act, 2013 [herein after known as Act] read with Companies (Adjudication of Penalties) Rules, 2014 for adjudging penalties under the provisions of this Act.
B. Company details:
In the matter relating to STALWART GLOBAL FREIGHT PRIVATE LIMITED [herein after known as Company] bearing CIN U52100PN2025PTC240302, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at K P SQUARE OFF/801 SR.NO 127/1A OPP DOUBLE TREE CHINCHWAD EAST PUNE CITY PUNE MAHARASHTRA INDIA 411019
Individual details:
In the matter relating to MALLINATH IRANAPPA KALSHETTI ——-
In the matter relating to MAYUR MALLINATH KALSHETTI ——-
C. Provisions of the Act:
If any default is made in complying with the requirements of this section, the company shall be liable to a penalty of fifty thousand rupees and every officer who is in default shall be liable to a penalty of one thousand rupees for each day during which such default continues but not exceeding an amount of one lakh rupees
D. Facts about the case:
1. Default committed by the officers in default/noticee – The company has suo moto filed an application through form GNL-1 vide SRNAB8129244 for adjudication of offence under section 10A of the Companies Act, 2013.
The company has submitted as under:
a. The Company was incorporated on 4th April, 2025 under the jurisdiction of Registrar of Companies, Pune, Maharashtra.
b. That as per the provisions of Section 10A of the Companies Act, 2013, the Company was required to file Form INC-20A (Declaration for Commencement of Business) within 180 days from the date of incorporation and it is required to declare that every subscriber has paid the value of the shares agreed to be taken by him.
c. The company has submitted the bank accounts details showing the transactions of the company wherein it is seen that the company had commenced its business without receipt of the value of the shares agreed to be taken by subscriber to the memorandum and the filing proper form INC-20A as required under Section 10A of the Companies Act, 2013.
Thus, the Company has violated the provisions of Section 10A of Companies Act 2013 read with Rule 23A of the Companies (Incorporation) Rules, 2014, for which company and every director of the company who is default are liable for penal action u/s 10(2) of the Companies Act 2013.
2. The company and the officers in default have not requested for any hearing in the matter.
E. Order:
1. The company has suo moto filed an application through form GNL-1 for adjudication of offence under section 10A of the Companies Act, 2013. As per the provisions of Section 10A of the Companies Act, 2013, the Company was required to file Form INC-20A (Declaration for Commencement of Business) within 180 days from the date of incorporation and it is required to declare that every subscriber has paid the value of the shares agreed to be taken by him. From the bank accounts details showing the transactions submitted by the company, it is seen that the company had commenced its business without receipt of the value of the shares agreed to be taken by subscriber to the memorandum and the filing proper form INC-20A as required under Section 10A of the Companies Act, 2013 and the form INC-20A filed by the company was wrongly filed.
2. Accordingly, SCN u/s 450 of the Act was issued to the company and its officers on 28.11.2025 to which replies were submitted on 29.11.2025 and 04.12.2025.
3. It is submitted by the company and officers in default that at the time of incorporation, due to the pressure of initializing business operations and urgent commercial commitments, the Company inadvertently did not file the required declaration under Section 10A (by way of Form INC-20A) within the prescribed period and the form for the same was filed wrongly.
4. Now, in exercise of the powers conferred on the undersigned vide Notification dated 24th March 2015 and having considered the replies submitted in response to the notice issued vide letter dated 28.11.2025, I hereby impose the penalty on the officers in default for violation of Section 10A of the Companies Act, 2013 as per 10A (2) of the Companies Act, 2013.
5. The details of penalty imposed on the company, officers in default and others are shown in the table below:
| (A) | Name of person on whom penalty imposed (B) | Rectification of Default required
(C) |
Penalty Amount
(D) |
Additional Penalty (E) (*Per day of continuing default i.e. date of rectification of default less order issue date) | Maximum limit for Penalty (F) |
| 1 | STALWART GLOBAL FREIGHT PRIVATE LIMITED having CIN as U52100PN2025P TC240302 | Yes, the company to file the proper form INC2-20A within a period of 30 days. | 50000 | 0 | 50000 |
| 2 | MALLINATH IRANAPPA KALSHETTI having DIN as 05213928 |
100000 | 0 | 100000 | |
| 3 | MAYUR MALLINATH KALSHETTI having DIN as 05213934 |
100000 | 0 | 100000 |
3. The notified officers in default/noticee shall rectify the default mentioned above and pay the penalty, so applicable within 90 days of receipt of the order.
5. The notified officers in default/noticee shall pay the penalty amount via ‘e-Adjudication’ facility which can be accessed through the respective login IDs on the website of Ministry of Corporate Affairs and upload the copy of paid challan / SRN of e-filing (if applicable) on the ‘e-Adjudication’ portal itself. It is also directed that the penalty so imposed upon the officers in default shall be paid from their personal sources/income.
6. Appeal against this order may be filed in writing with the Regional Director, RD Mumbai within a period of sixty days from the date of receipt of this order, in Form ADJ setting for the grounds of appeal and shall be accompanied by a certified copy of this order [Section 454 (5) & 454 (6) of the Act, read with Companies (Adjudication of Penalties) Rules, 2014].
7. For penal consequences of non-payment of penalty within the prescribed time limit, please refer Section 454(8) of the Companies Act, 2013.
Parvez Naikwadi,
Registrar of Companies
ROC Pune.
