The Registrar of Companies, Kolkata passed an adjudication order under Section 454 of the Companies Act, 2013 imposing penalty for violation of Section 450 arising from non-disclosure of complete investment details in the financial statements of a company for FY 2016-17. The ROC observed that the company had disclosed investments worth over ₹37.46 crore but failed to provide mandatory particulars such as classification of investments, security details, book value, market value, and names of associated entities as required under Section 129 read with Part I of Schedule III of the Companies Act, 2013. The auditor was also found to have failed in reporting this non-compliance under Section 143 read with Section 129(1). Despite issuance of show cause notice and reminder, no reply was submitted by the auditor. Consequently, ROC Kolkata imposed a penalty of ₹10,000 on the auditor and directed rectification of default within 90 days, with liberty to appeal before the Regional Director.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Kolkata I
4th Floor Plot No.IIIF/16, in AA-IIIF Rajarhat, New Town, Akandakeshari, Kolkata, West Bengal, India, 700135
Phone: 033-22877390
E-mail: roc.kolkata@mca.gov.in
Order ID: PO/ADJ/05-2026/WB/02163 Dated: 16/05/2026
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 450 OF THE COMPANIES ACT, 2013.
A. Appointment of Adjudicating Officer:
Ministry of Corporate Affairs vide its Gazette notification number S.O. 698(E) dated 10/02/2026 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 PINGAL SALES PRIVATE LIMITED [herein after known as Company] bearing CIN U51109WB2007PTC114316, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at 7, GRANT LANE, 2ND FLOOR, ROOM NO.- 218 NA KOLKATA KOLKATA WEST BENGAL INDIA 700012
Individual details:
In the matter relating to AMIT BHATTACHARJEE ——
C. Provisions of the Act:
If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be 1[liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person]
D. Facts about the case:
1. Default committed by the officers in default/noticee –
IO’s Observation:
The Company had invested a sum of Rs. 37,46,31,000/- in the Shares/Debentures/Property/Mutual Funds and shown in the Financial Statement of the Company as at 31.03.2017 under the head Current Investments. However full details of Investments in the Shares/Debentures viz. Fully paid or partly paid, Trade Investment or Other Investments, class of Security, the Face, Market and Book value of the Investment, names of Bodies Corporate (indicating separately whether such Bodies are Subsidiaries, Associates, Joint ventures or controlled special purpose entities) are not given. In regard to Investment in Firms names of all Partner, their Capital individually not mentioned, thereby Company has contravened the provisions Section 129 read with Part I of Schedule III to the Companies Act 2013.
Further, as the Auditor of the Company has also failed to report/ pointed out such non-compliance on the part of the Company in the and hence, the Auditor is hereby called upon to furnish his reply as to why penal action for violation of Section 143 read with Sections 129(1) of the Companies Act, 2013 should not be initiated against him for the reason stated herein above.
Auditor’s Reply:
No reply has been received from the Auditor of the Company despite of issue of reminder.
IO’s Conclusion:
Despite of opportunity given, no reply has been received from the Auditor of the Company, therefore, it indicates that there is nothing to say on the violation charged upon the Auditor.
2. E-Hearing not Requested
E. Order:
1. Company in its Financial statements for FY 2016-17 had not disclosed full details of Investments in the Shares/Debentures. Auditor of the Company has also failed to report/ pointed out such non-compliance on the part of the Company violating Section 143 read with Sections 129(1) of the Companies Act, 2013.
SCN was issued to the Auditor. No reply has been received.
In exercise of powers under proviso to section 454(3)(c) of the Act the undersigned hereby imposes penalty as below:
2. 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 | AMIT BHATTACHARJE E having PAN as AAFFM3517P | 10000 | 0 | 50000 |
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.
4. 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.
5. Appeal against this order may be filed in writing with the Regional Director, RD Kolkata 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].
6. For penal consequences of non-payment of penalty within the prescribed time limit, please refer Section 454(8) of the Companies Act, 2013.
Arya Pyarelal,
Registrar of Companies
ROC Kolkata I
