Registrar of Companies in Madhya Pradesh has imposed penalties on LOIN TECHNOLOGY PRIVATE LIMITED and its directors for violating Section 134(1) of the Companies Act, 2013. The breach relates to the absence of signatures from any directors on the company’s Balance Sheet for the fiscal year ending March 31, 2021. Despite a show cause notice and subsequent inquiry, the company’s response was deemed unsatisfactory. Following a hearing, penalties were levied: the company was fined Rs. 3,00,000, while each director, Mr. Veerendra Kumar Vishwakarma and Ms. Neelam Gautam, faced fines of Rs. 50,000 each. The penalties are to be paid within the specified timeframe through the Ministry of Corporate Affairs portal, and failure to comply may result in further legal consequences as outlined in the Companies Act, 2013.
Furthermore, the order allows for an appeal to be filed within sixty days of receipt, addressed to the Hon’ble Regional Director (NWR), Ministry of Corporate Affairs, Ahmedabad. It underscores the personal liability of the directors for the imposed penalties, emphasizing that these fines must be paid from their personal funds or income. Non-compliance with payment could lead to additional fines or even imprisonment, as prescribed by the Companies Act, 2013. This order stands as a directive for the company and its officers in default, marking the conclusion of the adjudication process.
Government of India
Ministry of Corporate Affairs
Office of The Registrar of Companies, Madhya Pradesh
Sanjay Complex, ‘A’ Block, 3rd Floor,
Jayendraganj, Gwalior — 474009.
E. mail: roc.gwaliorkilmca.gov.in
Order No. ROC-G/Adj-Penalties/Order/2022/ 917 to 920 Dated: 02/AUG 2022
Sub: Order under section 454 for violation of Section 134(1) of the Companies Act, 2013 read with Companies (Adjudication of Penalties) Rules, 2014.
In the matter of the Companies Act, 2013
And
In the matter of adjudication proceeding under Sub-section (1) of section134 of the Companies Act, 2013.
And
In the matter of LOIN TECHNOLOGY PRIVATE LIMITED
(CIN No. U74999MP2020PTC051041)
1. M/S LOIN TECHNOLOGY PRIVATE LIMITED,
(1174999MP2020PTC051041)
C/o Jitendra Singh Jatav, Nagar Palika ki Dukan,
Raniganj, Panna, Madhya Pradesh – 48R 333, India.
Ujjwaliyotidev.panna@gmail.com
2. VEERENDRA KUMAR VISHWAICARMA, (DIRECTOR),
(From 25.02.2020 to till date)
3. Ms. NEELAM GAUTANI, (DIRECTOR),
(From 25.02.2020 to till date)
Respondent
Date of Hearing: 09th of June 2022
Appointment of Adjudicating Officer
1. The Ministry of Corporate Affairs vide its Gazette Notification No 08.831(E) dated 24.03.2015, 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 Company MIS LOIN TECHNOLOGY PRIVATE LIMITED, (U74999MP2020PTC051041) [herein after known as Company is a registered company with this office under the provisions of Companies Act, 2013 having its registered office situated at C/o Jitendra Singh Jatav, Nagar Palika Id Dukan, Raniganj, Parma, Madhya. Pradesh – 488 333, India, as per the MCA website.
Facts of the case
3. Whereas, as per the financial statements of the company for the year ended on 31.03.2021, it is observed that Balance Sheet is not signed by any of the directors of the company as required provision under section 134(1) of the Companies Act, 2013. Hence, the company has violated the provisions of Section 134(1) of the Companies Act, 2013. Thus, the company and every officer who is in default are liable for penalty under section 134(8) of the Companies Act, 2013.
4. Accordingly, this office had issued show cause notice for violation of section. 134(1) of the Companies Act, 2013 to the company and its officers in default vide no. ROC-G/Adj.PeniSec.134(1)/2022/208-210 on 25.04.2022. The company and its officers in defaults have submitted their reply dated 06.05.2022, the reply submitted by the company was not satisfactory.
5. Thereafter, “Notices of Inquiry” vide No. RoC-G/Adj. Pen/Sec.134(1)12022/458-460 dated 27.05.2022 was issued to the Company and its officers in default as per [Rule 3(3), Companies (Adjudication of Penalties) Rules 2014j and the date of hearing was fixed on 09.062022 at 12:00 PM in the Office of Registrar of Companies, Madhya. Pradesh, Sanjay Complex, A block-III floor, Jayendraganj, Gwalior, Madhya Pradesh.
6. Mr. Veerendra Kumar Vishwakarma, one of the directors of the company has appeared on the date so fixed. i.e., 09.06,2022 and represented another director Ms. Neelam Gautam.
Order
7, Having Considered the facts and circumstances of the case and after taking into account the factors above, it is concluded that the Company and its officers in default are liable for penalty as prescribed under Section 134(8) of the Act for not signing of the Balance Sheet for the year ended on 311)3.2021 filed by company viz. LOIN TECHNOLOGY PRIVATE LIMITED with this office.
8. Accordingly, I am inclined to impose a penalty as prescribed under Sub-section (8). of Section 134 of the Companies Act, 2013. The details of the penalty imposed on the company and officers in default are shown in the table below:
| Nature of Default | Relevant section under the Companies Act, 2013 |
Name of persons on. whom penalty is imposed |
Penalty as per section 134(8) (Rs.) | Final Penalty imposed (Rs,) |
| Violation of section 134(1) | S.134(8) | On Company | 3,00,000/- | 3,00,000/- |
| 50,000/- | 50,000/- | |||
| Mr, Veerendra Kumar Vishwakarma | ||||
| Ms. Neelam Gautam | 50,000/- | 50,000/- |
I am of this opinion that penalty is commensurate with the aforesaid failure committed by the Notice 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.
9. Appeal against this order may be filed in writing with the Hon’ble Regional Director (NWR), Ministry of Corporate Affairs, Ahmedabad within a period of sixty days from the date of receipt of this order, in Form ADJ (available on Ministry website mca.gov.in 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 (Adjudicating of Penalties). Rules, 2014).
10. 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 ofpenalty 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 lath rupees or both.
11. It 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 LOIN IECHNOLOGY PRIVATE LIMITED, C/o Jitendra. Singh Jatav, Nagar Palika ki Dukan, Raniganj, Parma, Madhya Pradesh – 488 333, India, Mr. Veerendra Kumar Vishwakarma, (Director), Ms. Neelam Gautam, (Director) and Regional Director (Nwr), Naranapura, Ahmedabad and will also be Uploaded On MCA Website.
The adjudication notice stands disposed of with this order.
(Mukesh Kumar Soni)
Registrar of Companies, (I /C) & Adjudicating officer,
Madhya Pradesh, Gwalior,
