The Registrar of Companies, Cuttack, issued an adjudication order dated 30.06.2026 under Section 454 of the Companies Act, 2013 for violation of Section 137(3) against DP Financial Corporation of India Limited for failure to file its financial statements for the financial year ended 31.03.2020 as required under Section 137(1). The company and its officers did not respond to show cause notices served through email and speed post, and no one appeared at the e-hearing held on 09.06.2026 despite being given an opportunity of being heard. Based on the records available on the MCA Portal, the Adjudicating Officer concluded that the company had violated Section 137(1) and imposed penalties under Section 137(3) for the period from 31.10.2020, the due date of filing, to 30.06.2026. A penalty of ₹2,00,000 was imposed on the company and ₹50,000 each on three directors/officers in default. The order directs the noticees to rectify the default, pay the penalties within 90 days, file Form INC-28 after payment, and states that an appeal may be filed before the Regional Director, Hyderabad within 60 days.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Cuttack
ROC-cum-Official Liquidator, Ministry Of Corporate Affairs, Corporate Bhawan, 2nd & 3rd Floor, Plot No-9(P), Sector-1,
CDA, Cuttack, Orissa, India, 753014
Phone: 0671-2366952
E-mail: roc.cuttack@mca.gov.in
Order ID: PO/ADJ/06-2026/CT/02321 | Dated: 30/06/2026
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 137(3) 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 DP FINANCIAL CORPORATION OF INDIA LIMITED [herein after known as Company] bearing CIN U65999OR2010PLC012736, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at PLOT NO-1958/4083, FIRST FLOOR CHINTAMANISWAR AREA NA BHUBANESWAR KHORDHA ORISSA INDIA 751006
Individual details:
In the matter relating to DEBASIS PANDA ______
In the matter relating to PRAKASH KUMAR SETHI ______
In the matter relating to ALOK KUMAR SAHOO ______
C. Provisions of the Act:
(3) If a company fails to file the copy of the financial statements under sub-section (1) or sub-section (2), as the case may be, before the expiry of the period specified therein, the company shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day during which such failure continues, subject to a maximum of two lakh rupees, and the managing director and the Chief Financial Officer of the company, if any, and, in the absence of the managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of fifty thousand rupees.
D. Facts about the case:
1. Default committed by the officers in default/noticee – It is observed that the company has not filed its Financial Statements for the Financial Year ending 31.03.2020 till date as per requirement of Section 137(1) of the Companies Act 2013. Hence, the company has contravened the Section 137(1) of the Companies Act 2013.
2. The Company and its officers in default have not responded to the show cause notices issued to them despite service through email as well as speed post. Hence, to ensure an opportunity of being heard, e-hearing was scheduled and held on 09.06.2026.
E. Order:
1. (i) No one appeared in the e-hearing held on 09.06.2026 on behalf of the Company and its directors/officers in default, despite providing them reasonable opportunities of being heard. Hence as per Rule 3(11) of Companies (Adjudication of Penalties) Rules 2014, the matter is being proceeded with in the absence of such persons.
(ii) It is observed from the records available on the MCA Portal that the company has not yet filed its Financial Statements for the Financial year ending 31.03.2020 as per requirement of Section 137(1) of the Companies Act, 2013.
(iii) Having considered the facts & circumstances and documentary evidence, it is concluded that the company has violated the provision of Section 137(1) of the Companies Act, 2013. Therefore, I am imposing penalty upon the company and its Directors/Officers in default for the period commencing from 31.10.2020 (due date of filing) to till date i.e. 30.06.2026 under the provisions of Section 137(3) of the Companies Act 2013.
(iv) The company and officers in default shall pay the below mentioned amount of penalty through online mode specifying the details of this order and the name of the noticee who is paying the penalty pursuant to Rule 3(14) of Company (Adjudication of Penalties) (Amendment) Rules, 2019, within 90 days of receipt of this order. Further the company shall file form INC-28 attaching a copy of order and payment challans immediately after payment of the penalty amount.
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 | DP FINANCIAL CORPORATION OF INDIA LIMITED having CIN as U65999OR2010P LC012736 | 200000 | 0 | 200000 | |
| 2 | DEBASIS PANDA having DIN as 02820448 | 50000 | 0 | 50000 | |
| 3 | PRAKASH KUMAR SETHI having DIN as 02820459 | 50000 | 0 | 50000 | |
| 4 | ALOK KUMAR SAHOO having DIN as 03266005 | 50000 | 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 Hyderabad 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.
Sitaram Gupta,
Registrar of Companies
ROC Cuttack
