Registrar of Companies, Gujarat, Dadra & Nagar Haveli, has issued an ex-parte penalty order against Yuva Nidhi Company Limited for non-filing of the balance sheet, in violation of Section 137 of the Companies Act, 2013.
The penalty order states that the company failed to file the financial statements, including consolidated financial statements, within the prescribed timeline of 30 days from the date of the annual general meeting. Section 137(3) of the Companies Act, 2013, stipulates a penalty for such non-compliance, with an additional penalty for each day of continuing failure.
The company and its directors were provided with an opportunity to respond to the adjudication notice but failed to do so. The Adjudicating Officer, considering the facts and circumstances of the case, imposed penalties on the company and its directors/officers in default for the violation of Section 137.
The penalty order serves as a reminder to companies about the importance of timely filing of financial statements, including the balance sheet, as required by the Companies Act, 2013. Failure to comply with these provisions can result in penalties imposed by the MCA.
Company not filed Balance Sheet – MCA imposes penalty
BEFOR THE ADJUDICATING OFFICER
REGISTRAR OF COMPANIES, GUJARAT, DADRA & NAGAR HAVELI
No. ROC-Guj/Adj. Order/Yuva Nidhi./Sec. 137/2023/ 1110 To 1115 Dated: 25 May 2023
Ex-PARTE ORDER FOR PENALTY UNDER SECTION 454 OF THE COMPANIE 2013 READ WITH COMPANIES (ADJUDICATION OF PENALTIES) RULES, 20 VIOLATION OF SECTION 137 OF THE COMPANIES ACT, 2013.
IN THE MATTER OF M/S YUVA NIDHI COMPANY LIMITED
(U65991GJ2013PLC077222)
Presents
(1) Shri R. C. Mishra- Adjudicating Officer
(2) Shri Gajanan Kate- Presenting Officer
(3) Shri Niranjan Lal Yadav-Junior Technical Assistant
Company/Officers in Default/Authorized Representative:
1. ATUL KUMAR SINGH (Director)
2. MEHULKUMAR UPENDRABHAI VYAS (Director)
3. Mr, SURENDRASINGH SABHAJIT SINGH RAJPUT (Director)
4. Mr, RAVINDERSINGH RAMJISINGH (Director)
Appointment of Adjudication Authority: ‑
The Ministry of Corporate Affairs vide its Gazette Notification No. A-42011/112/2014-dated 24.03.2015 has appointed the undersigned as Adjudicating Officer in exercise of the power conferred under section 454 of the Companies Act, 2013 (hereinafter known as Act) read Companies (Adjudication of Penalties) Rules, 2014 (Notification No. GSR 254(E) d 31.03.2014) for adjudging penalties under the provisions of Act.
Company:
1. Whereas, M/s. Yuva Nidhi Company Limited (herein after referred to as “the Company”) Company registered under the provisions of the Companies Act, 1956/2013 in the State of Guj having CIN (U65991W2013PLC077222) on 15.10.2013 and presently having its registered o ice situated at E- 407, Galaxy Arcade Commercial CO. OP. Soc, B/H Galaxy Avenue, Opp. Galaxy Cinema. Naroda, Ahmedabad. Gujarat, 382330, India.
Fact of the case:
2. WHEREAS, subtsection (1) of Section 137 of the Companies Act, 2013 provides that A cop the financial statements, including consolidated financial statement, if any, along with all documents which are required to be or attached to such financial statements under this Act, adopted at the annual general meeting of the company, shall be filed with the Registrar wi thirty days of the date of annual general meeting in such manner, with such fees or additional as may be prescribed.
3. Whereas, Copies of financial statements including consolidated financial statement along wit the documents which are required to be attached to such financial statement for the year e 31.03.2019, 03.2020 & 31.03.2021 should have been filed on the MCA Portal in accord. with the provisions of Section 137(1) of the Companies Act. 2013 within 30 days from the date adoption of the said document before the Annual General Meeting. [ date extended up to 01.02.2021 for the FY 2019-20]
4. Whereas, as per section 137(3) of the Companies Act, 2013, if a company fails t financial statements under sub-section (1) or sub-section (2), as the case may 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 aging director and the Chief Financial Officer, any other director who is charged by the Board the responsibility of complying with the provisions of this section, and, in the absence of any director, all the directors of the company, shall be liable to a penalty of ten thousand rupees in case of continuing failure, with a further penalty of one hundred rupees for each day after first during which such failure continues, subject to a maximum of fifty thousand rupees.
Sho Cause Notice, reply and personal hearing:-
5. Whereas, the office of the undersigned issued adjudication notice under section 454 of the Companies Act, 2013 for violation of section 137 of the Companies Act, 2013 to the Company its officers in default on 16.02.2023 with request to rectify the aforesaid default withing 15 of the notice. But no one was remained present in the office of the undersigned on the date earing on 16.12.2022.
6. In -sponse to the adjudication notice dated 16.02.2023 issued by the undersigned, neither the co pany nor the directors have replied nor rectified the aforesaid default.
Submission of Presenting Officer:
Th presenting officer submitted that sufficient opportunity has been given the company and its offi ers in default but it appears that neither they submitted reply nor appear for physical hearing as er schedule fixed. It is further submitted that the company and its officers in default have vio ated the provisions of section 137 of the Companies Act, 2013. Hence, the Adjudicating Aut ority has empowered u/s 454 of the Companies Act, 2013 to impose penalty u/s 137(3) for Vio ation of section 137 of the Companies Act, 2013.
7. While adjudging quantum of penalty under section 137 of the Companies Act, 2013, the Adj dicating Officer shall have due regard to the following factors, namely:
a. The amount of disproportionate gain or unfair advantage, whenever quaritifiable, made as a result of default.
b. The amount of loss caused to an investor or group of investors as a result of the default. The repetitive nature of default.
c. With regard to the above factors to be considered while determining the quantum of penalty, it is noted that the disproportionate gain or unfair advantage made by the notice or loss caused to the investor as a result of the delay on the part of the notice to redress the investor grievance are not available on the record. Further, it may also be added that it is difficult to quantify the unfair advantage made by the notice or the loss caused to the investors in a default of this nature.
e. Having considered the facts and circumstances of the case and after taking into account the above ors, the undersigned has reasonable cause to believe that the company and its officers have d to deposit the penalty for violation of section 137 of the Companies Act, 2013. I hereby sed a penalty on company and its Directors/officer in default as per Table below for violation ction 137 of the Companies Act, 2013 as detailed below:
Penalty for non filing of Balance Sheet for the F.Y. 2019-20.
f. T noticee shall pay the amount of penalty individually for the company and its directors (out of pocked) by way of form No. INC-28 of e-payment (available on Ministry Website .mac.gov.in) under “Pay miscellaneous fees” category in MCA fee and payment Service within 90 (ninety) days of this order and the Challan/SRN generated after payment of penalty through online mi de shall be forwarded to this office along with the copy of form No. INC- 28.
g. Appeal if any, against this order may be filed in writing with the Regional Director, North Western Regional, Ministry of Corporate Affairs. ROC Bhavan, Opp. Rupal Park, Nr. Ankur Bus stand. Nranpura, Ahmedabad (Gujarat) 380 013 within a period of sixty days from the date of receipt of order, in e-Form ADJ setting forth the grounds of appeal and shall be accompanied by the certified y of this order. (Section 454 of the Companies Act, 2013 read with the Companies (Adjudicating of Penalties) Rules, 2014 as amended by Companies (Adjudication of Penalties) Amendment Rules, 2019).
h. Please note that as per the provisions of section 454(8)(i) of the Companies Act, 2013, where company do s not pay the penalty imposed by the Adjudication officer or the Regional Director within a period of Ninety days (90 days) from the date of the receipt of the copy or order. the company shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakhs rupees. Further as per section 454(8)(ii) of the Companies Act, 2013, where an officer of a company who is in default does not pay the penalty within a period of Ninety days (90 days) from the date of receipt of the copy of the order, such officers shall be punishable with imprisonment which y 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.
i. Your attention is also invited to section 454(8) of the Companies Act, 2013 in the event compliance of this order which provides that in case of default in payment of penalty, prosecu be filed u/s. 454(8)(ii) of the Companies Act, 2013 at your own costs without any further not notic.
The adjudication notice stands disposed of with this order.
(R. C. MISHRA) ICSE
Adjudicating officer,
Registrar of Companies,
Gujarat, Dadra and Nagar Haveli
