The Registrar of Companies (ROC) of Delhi has issued a penalty order against DAY1 ADVISORS PRIVATE LIMITED and its directors for a violation of the Companies Act, 2013. The company, which was incorporated on November 24, 2020, failed to file e-form INC-20A within the mandated 180-day period. The deadline for filing was May 23, 2021, but the form was not submitted until July 21, 2021, resulting in a delay of 59 days. The company’s representatives acknowledged the default and attributed it to a lack of professional guidance and knowledge.
In its response, the company requested leniency and argued that it qualifies as a “small company” under the Act, which makes it eligible for a reduced penalty under Section 446B. The adjudicating officer confirmed this status based on the company’s financial records for the fiscal year 2022-23. Consequently, the penalties were imposed after considering this provision. The company was fined ₹25,000, while the two officers in default, Ankur Jain and Ashok Kumar Jain, were each fined ₹24,500.
The order directs the company and its officers to pay the penalties within 90 days using the e-Adjudication facility on the Ministry of Corporate Affairs website. It specifies that the penalties for the individuals must be paid from their personal funds. The document also notes that the company must disclose the penalty in its upcoming Board Report. An appeal against this order can be filed with the Regional Director, RD Noida, within 60 days of receiving the order.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Delhi
Registrar Of Companies, 4th Floor, IFCI Tower, 61, Nehru Place, New Delhi, Delhi, India, 110019
Phone: 011-26235703,26235708
E-mail: roc.delhi@mca.gov.in
Order ID: PO/ADJ/09-2025/DL/00645 Dated: 04/09/2025
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 10A(2) OF THE COMPANIES ACT, 2013.
A. Appointment of Adjudicating Officer:
Ministry of Corporate Affairs vide its Gazette notification number S.O. 831(E) dated 24/03/2015 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 DAY1 ADVISORS PRIVATE LIMITED [herein after known as Company] bearing CIN U74999DL2020PTC373612, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at 23, 2nd FLOOR HANUMAN ROAD NA DELHI New Delhi Delhi India 110001
Individual details:
In the matter relating to ANKUR JAIN [herein after known as individual] having DIN 01846010 and having its address at 23 SAVITA VIHAR DELHI NEW DELHI Delhi India 110092
In the matter relating to ASHOK KUMAR JAIN [herein after known as individual] having DIN 02253861 and having its address at 23, HANUMAN ROAD GPO, CONNAUGHT PLACE, NDMC NEW DELHI Delhi India 110001
C. Provisions of the Act:
If any default is made in complying with the requirements of this section, the company shall be liable to a penalty of fifty thousand rupees and every officer who is in default shall be liable to a penalty of one thousand rupees for each day during which such default continues but not exceeding an amount of one lakh rupees
D. Facts about the case:
1. Default committed by the officers in default/noticee – 1.The Company has filed Suo-moto for adjudication in e-form GNL-1 vide SRN: N24502668 dated 16.01.2025. The Adjudication Application made under Section 454 of the Companies Act, 2013 for violation of Section 10(A).
2. The company was incorporated on 24.11.2020 and in terms of provision of Section 10A, the company was required to file form INC-20A on or before 23.05.2021 i.e., within 180 days from the date of incorporation.
3. The Company has stated that it was unable to file E-Form INC 20A within prescribed period of 180 days due to lack of professional guidance and knowledge. The said E-Form INC-20A was filed vide SRN T31805963 dated 21.07.2021. Hence, there was a delay of 59 days i.e. (From 24.05.2021 to 20.07.2021).
Thus, in view of the above, the adjudication officer has reasonable cause to believe that the subject company has not complied with the provision of section 10(A) of the Companies Act, 2013.
The Company and the Noticees are hereby called upon to show cause as to why penal action under Section 10A (2) of the Company Act, 2013 should not be initiated for the alleged violation of the provisions of the section 10(A) of the said Act.
2. The company and its officers requested physical hearing in the matter in its reply to the e-SCN and the same was scheduled/convened on 29.08.2025. Mr. Yashoaj Guglani, Advocate (Authorised Representative) appeared for the hearing.
E. Order:
1. i. Whereas the company has filed suo-moto application for adjudication of penalties for default u/s 10A(1)(a) of the Companies Act, 2013. Keeping in view the facts about the case e-SCN was issued to the company and the officers-in-default on 13.06.2025 for the default u/s 10A(1)(a) of the CA, 2013. The response to the notice was submitted on 26.06.2025.
ii. In the reply, the company and the office-in-default accepted the non-compliance and have stated that the default occurred due to an inadvertent oversight and requested to consider the matter with leniency as the default was unintentional. Further, it was submitted that the company qualifies as a ‘small company’ and thus, benefit u/s 446B in imposition of penalty is applicable on them.
iii. Whereas as per filings made by the company on MCA Registry, it is observed that for FY 2022-23 (default financial year), paid-up share capital & turn-over of the company is Rs. 1,00,000/- and Rs. 39,646,600/- respectively, and it does not exceed the threshold limit prescribed u/s 2(85) read with Rule 2(1)(t) of Companies (specification of Definitions Details rules.2014.Therefore, the subject company is covered under the purview of small companies as defined u/s 2(85) of the Act, 2013 and hence, the benefit of section 446B would be applicable on the company.
Now, in view of the above, it is observed that the company has delayed in filing INC-20A by 59 days (i.e. 24.05.2021 to 20.07.2021) and hence, this resulted in non-compliance of section 10A(1). The penalty is imposed on the company and the officers-in-default as per section 10A (2) r/w 446B of the Act subject to the condition that the same is disclosed in the coming Board Report to maintain the necessary disclosures under Corporate Governance. Further, the submission of the company granting remission in the penalty is not acceded to.
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 | DAY1 ADVISORS PRIVATE LIMITED having CIN as U74999DL2020P TC373612 | 25000 | 0 | 50000 | |
| 2 | ANKUR JAIN having DIN as
01846010 |
24500 | 0 | 100000 | |
| 3 | ASHOK KUMAR JAIN having DIN as 02253861 | 24500 | 0 | 100000 |
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 Noida 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.
Seema Rath,
Registrar of Companies
ROC Delhi
