The Registrar of Companies, Kolkata I, passed an adjudication order dated July 23, 2026 under Section 454 of the Companies Act, 2013 concerning a violation of Section 450 arising from non-compliance with Section 129, Schedule III, and Section 143 of the Companies Act, 2013. During examination of the financial statements of Getstylish Shopping Center Private Limited for FY 2020-21, it was observed that inventories amounting to ₹4,38,61,512 were disclosed under Current Assets without the classification required under Schedule III. The Registrar concluded that the company had contravened Section 129 read with Schedule III and that the auditor, Murarka Associates, failed to comment on or report this non-compliance, thereby contravening Section 143 read with Section 129 and Part I of Schedule III. A show cause notice was issued to the auditor, who subsequently admitted the default and requested a lenient view. The Adjudicating Officer imposed a penalty of ₹5,000 on Murarka Associates, directed the noticee to rectify the default and pay the penalty within 90 days through the MCA e-Adjudication facility, and informed the noticee of the right to appeal before the Regional Director, Kolkata, within 60 days.
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/07-2026/WB/02575 Dated: 23/07/2026
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 GETSTYLISH SHOPPING CENTER PRIVATE LIMITED [herein after known as Company] bearing CIN U51909WB2009PTC133011, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at T-14, S. A. FAROOQUE ROAD BARTALA RAIL LINE NA KOLKATA WEST BENGAL INDIA 700018
Individual details:
In the matter relating to MURARKA ASSOCIATES —————–
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 –
I.O.’s Observation:
As per Schedule III of the Companies Act, 2013, (i) Inventories shall be classified as:
a. Raw materials;
b. Work-in-progress;
c. Finished Goods;
d. Stock-in-trade (in respect of goods acquired for trading)
e. Stores and spares;
f. Loose tools;
g. Others (specify nature)
On perusal of the financial statement for the financial year 2020-21 it is observed that the company has shown an amount of Rs.4,38,61,512/- as ?Inventories? under the head ?Current Assets? in the financial statement. However, the company has failed to classify its Inventories as per the requirement of Schedule III of the companies Act, 2013 thereby company has contravened the provisions of Section 129 read with schedule III of the companies Act 2013. Further the Auditor of the Company has also failed to report/ pint out such noncompliance on the part of the Company and hence, liable for penal action u/s. Section 143 of the Companies Act, 2013.
Auditor’s Reply:
No reply has been furnished by the Auditor till date.
ROC’s Conclusion:
Auditor of the company has failed to comment on classification of inventory in terms of Schedule-III, hence committed the contravention of section 143 r/w Section 129 and part I of schedule III to the companies Act 2013.
2. E-Hearing not Requested
E. Order:
1. Adjudication proceedings were initiated on account of failure of the Auditor to comment on the classification of inventory in terms of Schedule-III for the financial year 2020-21.
SCN vide id – SCN/ADJ/06-2026/WB/04642dated 03/06/2026 was issued to the Auditor. Reply of the Auditor vide email dated 07.07.2026 has been received wherein the default has been accepted by the Auditor and requested lenient view.
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
|
MURARKA
ASSOCIATES having PAN as AAVFM0136A |
|
5000
|
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
