GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
OFFICE OF THE REGISTRAR OF
COMPANIES PUNJAB AND CHANDIGARH,
CORPORATE BHAWAN
PLOT NO.4-B, SECTOR 27B,
CHANDIGARH PHONE NO.172-2639415,
2639416
Order No. ROC CHD/Adj/2021-22/137/RP/008076/816 Dated: 08-12-2022
ORDER UNDER SECTION 454 FOR VIOLATION OF SECTION 137 OF THE COMPANIES ACT, 2013, READ WITH COMPANIES (ADJUDICATION OF PENALTIES1RULES, 2014
IN THE MATTER OF M/S SHRAMAN STRIPS PRIVATE LIMITED
CIN: U27106PB1988PTC008076
1. The Ministry of Corporate Affairs vide its gazette notification no OS.831(E) dated 24.3.2015, has appointed the undersigned as Adjudicating Officer (AO) in exercise of the powers conferred by section 454 of the Companies Act, 2013 (hereinafter known as Act) read with Companies (Adjudication of Penalties) Rules, 2014 for adjudging, penalties under the provisions of this Act.
Company:-
2. Whereas Shraman Strips Private Limited (herein after referred to as “the Company”) is a company registered with this office under the provisions of the Companies Act, 2013/1956 (or previous Acts in force, as applicable) having its registered office situated at 997/18 Vishkarma Colony near Sangeet Theater, Ludhiana, Punjab, 141003,India. as per data available with MCA website.
3. The financial and other details of the subject company for immediately preceding financial year as available on MCA-21 Portal is as under:-
| S.No. | Particulars | Details |
| 1. | Paid up Capital as on date (Equity and Preference shares) |
57,45,000 |
| 2. | Turnover:
(Revenue from operations as per Balance sheet filed on MCA-21 Portal for the F.Y 2018-19) |
29,66,54,482.46 |
| 3 | Holding Company | NA |
| 4. | Subsidiary Company | NA |
| 5. | Whether company registered under section 8 of the Act. | No |
| 6 | Whether company registered under any other special Act? | No |
| 7 | Whether Company is small company | Yes |
| 8 | Whether Section 446B is applicable to the company? (Lesser penalties for certain companies) | Yes |
Provisions of the Act:-
4. Whereas as per Section 137(1) A copy of the financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements under this Act, duly adopted at the annual general meeting of the company, shall be filed with the Registrar within thirty days of the date of annual general meeting in such manner, with such fees or additional fees as may be prescribed.
As per Section 137(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.
Facts about the case:-
5. Whereas as per MCA Registry company has not filed its Financial Statements for the financial year 2019-20 and 2020-2021. This office has issued Show Cause Notice for violation of section 137(1) of the Companies Act, 2013 read with Companies (Adjudication of Penalties) Rules, 2014, to the company and its directors vide this office letter No. ROC CHD/2021-22/adj/137(3)/008076/145 to 147 dated 25.05.2022 but no reply has been received.
6. Therefore, it is concluded that the company and its officers in default are liable for penalty as prescribed under Section 137(3) of the Act for non-filing of Financial Statements of the company viz. Shraman Strips Private Limited for:-
- Year 2019-20 for 674 days i.e. with effect from 31.01.2021 (last date of filing financial statements) to 05.12.2022.
- Year 2020-21 for 339 days i.e. with effect from 01.01.2022 (last date of filing financial statements) to 05.12.2022
Accordingly, I am inclined to impose a penalty as prescribed under Sub-Section (3) of Section 137 of the Companies Act, 2013. The details of the penalty imposed on the company and officers in default are as under:
I am of this opinion that penalty is commensurate with the aforesaid failure committed by the Noticee and penalty so imposed upon the Officers-in-default shall be paid from their personal sources/income.
It is further directed that penalty imposed shall be paid through the Ministry of Corporate Affairs portal only as mentioned under Rule 3(14) of Company (Adjudication of Penalties) (Amendment) Rules, 2019 under intimation to this office.
7. Appeal against this order may be filed in writing with the Regional Director (Northern Region), Ministry of Corporate Affairs, CGO Complex, Lodhi Road, New Delhi, within a period of sixty days from the date of receipt of this order, in Form ADJ setting forth 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].
8. Your attention is also invited to Section 454(8)(i) and 454(8)(ii) of the Companies Act, 2013, which state that in case of non-payment of penalty amount, the company shall be punishable with fine which shall not be less than twenty five thousand rupees but which may extend to five lakh rupees and officer in default shall be punishable with imprisonment which may extend to six months or with fine which shall not be less than twenty five thousand rupees but which may extend to one lakh rupees or with both.
9. In terms of the provisions of sub-rule (9) of Rule 3 of the Companies (Adjudication of Penalties) Rules, 2014 copy of the order is being sent to M/s Shraman Strips Pvt. Limited, Sh. Satish Jain, Director, House No.66-A, Model Town, Shastri Nagar Ludhiana,141001, Punjab, India, Sh. Janeshwar Kumar Jain, Director, H. NO. 21-A, Shastri Nagar, Model Town, Ludhiana, 141001, Punjab, India and Regional Director (Northern Region), Ministry of Corporate Affairs, CGO Complex, Lodhi Road, New Delhi and will also be uploaded on website.
(Shyam Sunder)
Registrar of Companies & Adjudicating Officer
Punjab and Chandigarh
Copy to:- Regional Director (NR), Ministry of Corporate Affairs, New Delhi for information and record.
