The Registrar of Companies, Pune, issued an adjudication order dated July 3, 2026 under Section 454 of the Companies Act, 2013 imposing penalty under Section 86 for violation of Sections 71 and 77 of the Act. The company filed a suo motu application stating that it was required to create and register a charge in favour of the Debenture Trustee and had filed Form CHG-9, which was marked for re-submission. Due to changes in the secretarial and finance teams, the required documents could not be arranged within the prescribed time, resulting in cancellation of the SRN and failure to create the charge within the statutory timeline. A show cause notice was issued, and the company accepted the default, stating that it arose from a bona fide change in personnel and internal transition of responsibilities and that no undue gain or loss resulted. The Adjudicating Officer observed that the company had violated Sections 71 read with 77 due to non-filing of Form CHG-9 and had acknowledged the deviation. A penalty of ₹5,00,000 was imposed on the company and ₹50,000 each on three officers in default. The company was directed to file the required form, pay the penalty within 90 days, and may appeal to the Regional Director, Navi Mumbai, within 60 days.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Pune
PCNTDA 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/07-2026/PU/02487 Dated: 03/07/2026
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 86 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 AXIO DIGITAL PRIVATE LIMITED [herein after known as Company] bearing CIN U72900PN2014PTC153050, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at NO. 101, 1ST FLOOR, PLEXUS, S. NO. 134/1 CTS NO. 1337/1, AUNDH NA PUNE PUNE MAHARASHTRA INDIA 411007
Individual details:
In the matter relating to PATEL SEEMA —————-
In the matter relating to GAURAV DINESH HINDUJA ——————–
In the matter relating to SASHANK RAMASUBBAN RISHYASRINGA ——————
C. Provisions of the Act:
If any company is in default in complying with any of the provisions of this Chapter, the company shall be liable to a penalty of five lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees
D. Facts about the case:
1. Default committed by the officers in default/noticee – The company has suo moto application for adjudication u/s 454 of the Companies Act, 2013 for the noncompliance of section 77 of the Act.
In the application, it is submitted that the company was required to create and register charge in favour of Debenture Trustee in accordance with provisions of section 77 of the Companies Act, 2013 read with the Companies (Registration of Charges) Rules, 2014. The company had filed form CHG-9 for registration of creation of charge and upon review the same was marked for re-submission. Owing to change in the team of secretarial and finance functions who were responsible for handling statutory compliance in relation to charge created the documents could not be arranged within time frame for resubmission and hence resulted in an inadvertent and non-compliance resulting the SRN were cancelled. Thus, the company failed to create the charge within statutorily required timeline thereby resulting in violation of section 71 r/w section 77 of the Act.
Accordingly, you are hereby called upon to show cause as to why penal action under Section 86 of the Company Act, 2013 should not be initiated for the alleged violation of the provisions of section Section 71 r/w section 77 of the Companies Act, 2013 read with Rule 9 of the Companies (Management and Administration) Rules, 2014 and you may submit objections/ reply, if any.
2. The company and the officers in default have not requested for e-hearing and the Adjudicating Officer is also of the view that the e-hearing is not required in the instant case.
E.Order:
1. a. The company has filed a suo moto application for adjudication of offense under Section 454 of the Companies Act, 2013 for violation of section 71 r/w section 77 of the Act. In the application, it was submitted by the company that the company failed to create the charge within statutorily required timeline thereby resulting in violation of section 71 r/w section 77 of the Act. Accordingly, a Show Cause notice bearing ID: SCN/ADJ/05-2026/PU/04373 was issued to the company and Officer in default (hereinafter referred to as the Noticee) under Section 454 of the Act. A reply of the noticee to the said Show Cause Notice was received.
b. The noticee, in the reply, has accepted the default and further submitted that the default was neither willful nor deliberate but arose from bona fide reasons attributable to the change in the secretarial and finance personnel and the internal transition of responsibilities. The Applicants have further declared that the Applicants did not accrue any undue gains or benefits nor inflict losses upon the public at large, creditors, suppliers, or any other parties as a result of the default.
c. On perusal of the record, it is seen that the Company has violated the provisions under Section 71 read with Section 77 of the Companies Act, 2013 resulted due to non-filing of Form CHG-9 with the Registrar of Companies, Pune. Further, the Company acknowledges the deviation and appears to have taken necessary steps to ensure timely compliance with statutory requirements in the future.
d. 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, I hereby impose the penalty on the noticee for violation of section 71 r/w section 77 of the Act punishable under section 86 of the Companies Act, 2013 as under.
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 | AXIO DIGITAL PRIVATE LIMITED having CIN as U72900PN2014P TC153050 | Required form be filed. | 500000 | 0 | 500000 |
| 2 | PATEL SEEMA having DIN as
08578929 |
50000 | 0 | 50000 | |
| 3 | GAURAV DINESH HINDUJA having DIN as 01264801 | 50000 | 0 | 50000 | |
| 4 | SASHANK RAMASUBBAN RISHYASRINGA having DIN as 06466985 | 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 Navi 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].
6. 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
