The Registrar of Companies, Gwalior, passed an adjudication order under Section 454 of the Companies Act, 2013 for violation of Section 124(7) arising from non-compliance with Section 125(2)(c) read with Rule 5(8) of the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. During an inspection under Section 206(5), it was observed that although the company had filed e-Form IEPF-2 for the financial years ended 31.03.2022 and 31.03.2023, it had not attached the prescribed details required under Rule 5(8). A show cause notice was issued, and the company contended that disclosure of the requisite particulars on its website constituted sufficient compliance. The Adjudicating Officer rejected this contention, holding that compliance with one component of the Rules could not substitute the prescribed statutory filing requirements before the Registrar and that the requisite particulars had not been furnished in the prescribed manner. The company was held to have failed to comply with Section 125(2)(c) read with Rule 5(8) and was found liable for penal action under Section 124(7). A penalty of ₹4,64,500 was imposed on the company and ₹97,900 on the Managing Director identified as the officer in default, while the remaining individuals were shown with zero penalty. The notified noticees were directed to rectify the default and pay the applicable penalty within 90 days.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Gwalior
Registrar Of Companies, 3rd Floor, ‘A’ Block, Sanjay Complex, Jayendra Ganj, Gwalior, Madhya Pradesh, India, 474009
Phone: 0751-2321907
Fax: 0751-2631853
E-mail: roc.gwalior@mca.gov.in
Order ID: PO/ADJ/06-2026/GL/02449 Dated: 29/06/2026
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 124(7) 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 EKI ENERGY SERVICES LIMITED [herein after known as Company] bearing CIN L74200MP2011PLC025904, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at 201, PLOT NO. 48., SCHEME NO. 78,PART-II, VIJAY NAGAR (NEAR BRILLIANT CONVENTION C ENTRE) NA INDORE INDORE MADHYA PRADESH INDIA 452010
Individual details:
In the matter relating to SONALI SHEIKH——-
In the matter relating to MOHIT KUMAR AGARWAL ——
In the matter relating to ITISHA SAHU———-
In the matter relating to MANISH KUMAR DABKARA———
In the matter relating to RITESH GUPTA ——-
In the matter relating to NAVEEN SHARMA ———-
In the matter relating to BURHANUDDIN ALI HUSAIN MAKSI WALA ———-
In the matter relating to PRIYANKA DABKARA——-
In the matter relating to ASTHA PAREEK ——-
C. Provisions of the Act:
(7) If a company fails to comply with any of the requirements of this section, such company shall be liable to a penalty of one lakh rupees and in case of continuing failure, with a further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of ten lakh rupees and every officer of the company who is in default shall be liable to a penalty of twenty-five thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of two lakh rupees.
D. Facts about the case:
1. Default committed by the officers in default/noticee – The company EKI ENERGY SERVICE LIMITED (CIN: L74200MP2011PLC025904) has approached Registrar of companies by filing an application of Adjudication under section 454 of the Companies Act, 2013 for Adjudication of Penalties for Non-compliance of Section 125(2)(c) of the companies Act, 2013. During the inspection, the inspecting officer has been observed that the company filed e-Form IEPF-2 for the statements of unpaid and unclaimed amounts for the financial years ended on 31.03.2022 and 31.03.2023. However, the details has not been attached with the aforesaid e-forms in compliance with Rule 5(8) of the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. Accordingly, the company and its officers/directors in default were considered to have violated the provisions of Section 125(2)(c) of the Companies Act, 2013 with Rule 5(8) of the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. Further, upon examination of the reply of the company is not found tenable as no such details have been attached. Consequently, the company and its officers/directors in default were considered to be in violation of the provisions of section section 125(2)(c) of the Companies Act, 2013 and liable for penal action u/s 124(7) of the act.
2. During inspection conducted under Section 206(5) of the Companies Act, 2013, it was observed that although the Company had filed e-Form IEPF-2 for the financial years ended 31.03.2022 and 31.03.2023, the prescribed details required under Rule 5(8) of the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 had not been attached with the said forms.
The Inspection Officer, therefore, concluded that the Company had failed to comply with the requirements of Section 125(2)(c) read with Rule 5(8), thereby attracting the provisions of Section 124(7) of the Companies Act, 2013.
Accordingly, Show Cause Notice No. SCN/ADJ/05-2026/GL/04639 dated 30.05.2026 was issued.
E. Order:
1. The submissions made by the noticees have been carefully examined.
The principal contention of the noticees is that disclosure of the requisite particulars on the Company’s website amounts to sufficient compliance with Rule 5(8) of the IEPF Authority Rules. This contention cannot be accepted.
The statutory scheme relating to Investor Education and Protection Fund contemplates compliance with all procedural requirements prescribed under the Act and the Rules. Compliance with one component of the Rule cannot substitute another where the prescribed filing requirements have not been fulfilled in the manner contemplated under the Rules. The records available with this office reveal that the requisite particulars were not furnished in the prescribed manner along with the statutory filing made before the Registrar. Consequently, the Company failed to comply with the mandatory requirements of Section 125(2)(c) read with Rule 5(8) of the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.
The contention that information was available on the Company’s website may demonstrate partial compliance with one aspect of the regulatory framework but cannot cure the deficiency in statutory filing before the Registrar.
It is further submitted that the Company, pursuant to a Board Resolution dated 26.03.2021, designated Shri Manish Kumar Dabkara, Managing Director, as the Officer in Default under the provisions of Section 2(60) of the Companies Act, 2013 and filed Form GNL-3 with the Registrar of Companies vide SRN ABB641577 dated 26.03.2021.
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 | EKI ENERGY SERVICES LIMITED having CIN as L74200MP2011P LC025904 | 464500 | 0 | 1000000 | |
| 2 | SONALI SHEIKH having DIN as
08219665 |
0 | 0 | 200000 | |
| 3 | MOHIT KUMAR AGARWAL having DIN as 09459334 | 0 | 0 | 200000 | |
| 4 | ITISHA SAHU having PAN as KCZPS1660D |
0 | 0 | 200000 | |
| 5 | MANISH KUMAR DABKARA having DIN as 03496566 |
97900 | 0 | 200000 | |
| 6 | RITESH GUPTA having DIN as 00223343 | 0 | 0 | 200000 | |
| 7 | NAVEEN SHARMA having DIN as 07351558 | 0 | 0 | 200000 | |
| 8 | BURHANUDDIN ALI HUSAIN MAKSI WALA having DIN as 08326766 | 0 | 0 | 200000 | |
| 9 | PRIYANKA DABKARA having DIN as 08634736 | 0 | 0 | 200000 | |
| 10 | ASTHA PAREEK having DIN as
09659754 |
0 | 0 | 200000 |
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 Ahmedabad 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.
Anjali Pokhriyal,
Registrar of Companies
ROC Gwalior
