The Registrar of Companies, Cuttack, issued an adjudication order dated 04.08.2026 under Section 454 of the Companies Act, 2013 against Space Link Consultancy Private Limited for violation of Section 137(3) arising from failure to file its financial statements for the financial year ended 31.03.2022 within the prescribed time. The company replied that the default resulted from internal management deadlock, non-approval of financial statements, non-holding of the AGM, subsequent proceedings before the NCLT under Sections 97 and 98, and Board reconstitution, while another director attributed the delay to financial disputes with the then Managing Director. The Adjudicating Officer held that these submissions were not tenable, observed that the financial statements had not been filed despite the statutory requirement under Sections 137(1) and 137(2), and noted that the benefit of Section 446(B) could not be granted as the company had not filed annual returns and financial statements since FY 2021-22. Penalties of ₹1,47,300 were imposed on the company, ₹50,000 each on three directors, and ₹37,300 each on three other directors. The noticees were directed to rectify the default and pay the penalties within 90 days, with a right of appeal to 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/07-2026/CT/02585 Dated: 04/08/2026
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 SPACE LINK CONSULTANCY PRIVATE LIMITED [herein after known as Company] bearing CIN U74140OR2003PTC007394, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at PLOT NO-361/2314,2ND FLOOR,ANNEX BUILDING, SUSTENANCE TOWER,AT-PATRAPADA,PO-DUMUDUM A NA BHUBANESWAR KHORDHA ORISSA INDIA 751019
Individual details:
In the matter relating to RAI SRI CHINMAYA SRICHANDAN ——————-
In the matter relating to RAISRI ACHYUTANANDA SRICHANDAN —————
In the matter relating to RAI SRI CHINMOYEE SRICHANDAN —————
In the matter relating to RAI SRI CHAITALI SRICHANDAN ———-
In the matter relating to BIPIN KUMAR SAHOO —————-
In the matter relating to RAY SRI CHANDNI SRICHANDAN ———–
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 31.03.2022 till date as per requirement of Section 137(1) of the Companies Act 2013. Therefore, the company has contravened the provisions of Section 137(1) of the Companies Act 2013 and hence, the company and its officers/directors in default are liable to be punished under Section 137(3) of the Companies Act 2013.
2. Reply has been received from the Company in response to the SCN dated 08.05.2026. Further, the company and other noticee have not opted for e-hearing. The Adjudicating Officer is of the opinion that the records available is suffice for adjudicating the matter. Hence, no e-hearing has been provided.
E. Order:
1. (i)Shri Rai Sri Achyuta Nanda Srichandan, Director has submitted the reply on behalf of the company vide physical letter dated 28.05.2026, wherein he has submitted that the alleged non-filing of financial statements was neither intentional, deliberate, wilful, nor contumacious. The default occurred due to a prolonged internal deadlock in the management of the company, non-approval of financial statements by the then controlling faction of the Board, non-holding of AGM. Due to non-cooperation from other two directors, the AGM could not be held for the relevant financial years. Therefore, being the majority shareholder having 52% of shares in the company, he approached the Honble NCLT u/s 98 of the Companies Act, 2013 for conducting an EGM for the purpose of restructuring the Board of Directors. The Honble NCLT passed an Order dated 19.08.2025, based on which an EGM was held on 03.11.2025 and Board has been reconstituted by induction of three more directors. Thereafter, for regularising statutory returns, the company has filed a Petition before the Honble NCLT under Section 97 of the Companies Act, 2013 for holding and conducting the AGMs for the pending financial years.In the contrary, one of the Directors Shri Raisri Chinmoyee Srichandan vide physical letter dated 01.06.2026 has submitted that the non-approval of the financial statements and consequent non-filing thereof was directly attribute to the unresolved financial disputes and irregularities by the then Managing Director Rai Sri Achyuta Nanda Srichandan and not due to any deliberate intention to violate the provisions of the Companies Act, 2013.(ii)It is observed from the MCA portal that the company has not filed the requisite Financial Statements for the Financial Year ending on 31.03.2022 till date. (iii)The reply of the Company and Directors have been carefully examined and observed that the submissions made by them related to dispute amongst the directors, hence, the same is not tenable in the instant case. As per the provisions of Section 137(1) of the Companies Act, 2013, every company is required to file its Financial Statements with the Registrar within thirty days from the date of the Annual General Meeting. Further, Section 137(2) of the Act provides that – where the annual general meeting of a company for any year has not been held, the financial statements along with the documents required to be attached under sub-section (1), duly signed along with the statement of facts and reasons for not holding the annual general meeting shall be filed with the Registrar within thirty days of the last date before which the annual general meeting should have been held. Accordingly, the Financial Statements of the company for the Financial Year ended 31.03.2022 was required to be filed on or before 30.10.2022 (thirty days from the due date of AGM). However, it is observed from the records available on the MCA portal that the company has not filed the said Financial Statements till date. As the company has not filed its statutory returns i.e. Annual Returns and Financial Statements since the Financial Year 2021-22, therefore it cannot ascertain whether it has any holding or subsidiary company. Hence, the benefit of section 446(B) of the Companies Act, 2013 cannot be granted to the company. Having considered the facts and circumstances of the case, the submissions made by the company, and the documentary evidence available on record, it is concluded that the company and its Directors/Officers in default have violated the provisions of Section 137 of the Companies Act, 2013. Accordingly, penalty is hereby imposed upon the company and its Directors/Officers in default for the relevant period commencing from 31.10.2022, being the date immediately following the due date of filing, up to till date i.e. 04.08.2026 under Section 137(3) of the Companies Act, 2013 for violation of Section 137 of the Companies Act, 2013.(iv)The company and the directors/officersn efault shall pay the penalty amount as mentioned herein below through online mode in compliance with Rule 3(14) of the Companies (Adjudication of Penalties) Amendment Rules, 2019, within a period of 90 days from the date of receipt of this order, specifying the details of this order and the name of the noticee making such pyment. Further, the company shall file e-Form INC-28 along with a copy of this order and the 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 | SPACE LINK CONSULTANCY PRIVATE LIMITED having CIN as U74140OR2003P TC007394 | 147300 | 0 | 200000 | |
| 2 | RAI SRI CHINMAYA SRICHANDAN having DIN as 00589619 | 50000 | 0 | 50000 | |
| 3 | RAISRI ACHYUTANAND A SRICHANDAN having DIN as 00589684 | 50000 | 0 | 50000 | |
| 4 | RAI SRI CHINMOYEE SRICHANDAN having DIN as 00590862 | 50000 | 0 | 50000 | |
| 5 | RAI SRI CHAITALI SRICHANDAN having DIN as 01922861 | 37300 | 0 | 50000 | |
| 6 | BIPIN KUMAR SAHOO having DIN as 03075163 | 37300 | 0 | 50000 | |
| 7 | RAY SRI CHANDNI SRICHANDAN having DIN as 06594105 | 37300 | 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
