Directors Imprisoned/penalized under Companies Act, 1956

Penalty on Directors of Companies
Press Release dated 24-07-2015

Information pertaining to imprisonment/penalization of directors of companies having turnover of more than Rs 50 crore annually, in the year 2014-15 is as under:

Contents

S. No.
Name of Company
Name of the Directors
Section of Companies Act, 1956 violated
Penalty levied
Status of the case
1.
M/s XRBIA DEVELOPERS LIMITED
Dilip Ramkrishna Khapre,
Manoj Kumar Murlidhar Kamble
159, 220(3)
Total Rs.3000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in two cases)
Action Completed
2
M/s BORACHEM INDUSTRIES LIMITED
Suresh Kanayalal Raka, Ashok Namdevrao Rukari,
Omprakash Pattnayak
159, 220(3)
Total Rs.4000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in two cases)
Action Completed
3
M/s LI TAKA PHARMACEUTICALS LIMITED
Pravin Kumar Kantilal Mutha,
Suresh Kanayalal Raka, Cajetan Valerian Dsouza,
Omprakash attanayak
159, 220(3)
Total Rs.5000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in two cases)
Action Completed
4
M/s SIDHANATH SUGAR MILLS LIMITED
Dilip Bramhadeo Mane
220(3)
Total Rs.1000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in this case)
Action Completed
5
M/s PEGASUS HEALTHCARE LIMITED
Rajendra Chhotubahi Kapadia, Suresh Kanayalal Raka,
Cajetan Valerian Dsouza
159, 220(3)
Total Rs.4000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in two cases)
Action Completed
6
M/s ATIBAR INDUSTRIES COMPANY LTD
Shri Samir Kumar Sarawgi, Managing Director,
Shri Bibhu Prasad Bhoi, company secretary
220
Total Rs.4500/- fine (Rs1500/- fine imposed on each Managing Director and Company Secretary apart from fine on the company)
Action Completed
7
M/s SCL STEEL CORPORATION LIMITED
Avijit Chakraborty,
Manas Kumar Dan,
Prasanta Chatterjee,
Joy deb Biswas
56(3), 60B/629A, 67 (1) & (2) /629A and  68
Total Rs.1,95,000/- fine (Rs.39,000 fine imposed on each Director apart from fine on the Company)
Action Completed
8
M/s MAN STRUCTURALS PRIVATE LIMITED
Kishore P. Rungta, Managing Director
58A (1) & 58A(2) read with 58A(6)
Fine of Rs.1,89,31,294/-, Rs.76,74,525/-, Rs.12,59,131/-  for the years 1996-97, 1997-98, 1998-99 respectively  imposed on  the company.  Further, the Managing Director of the company was convicted for a period of two year simple imprisonment and a fine of Rs. 5000/- was imposed on him
The Company and Managing Director have filed an appeal before the Appellate Court which is pending.
9
LAKHANI INDIA LIMITED
Amarjeet Kalra Whole Time Director, Arun Virmani, Company Secretary
159/220
Total Rs.20000/- fine
(Rs.10000 each on whole time Director and Secretary)
Case in respect of one of the directors, Shri Parmeshwar Dyal Lakhani, has been consigned to record by the Court as the Court has declared him a Proclaimed Offender.
10
SATYAM  COMPUTER SERVICES  LTD.
Ramalinga Raju,
B. Ramaraju,
V. Srinivas
309(1) & 628
Fine of Rs. 5 lakh each and in default of paying fine, simple imprisonment of 6 months each
All the four directors convicted have gone in appeal.
Ramalinga Raju,
B. Ramaraju,
Srinivas, Mynampati
211(7) & 628
Simple Imprisonment of 6 months for each accused and Fine of Rs. 10,000, and  in default of paying fine,  simple imprisonment of 1 month each
Ramalinga Raju,
B. Ramaraju,
Srinivas,
Mynampati
211 & 628
Simple Imprisonment of 6 months for each accused and Fine of Rs. 10,000, and  in default of paying fine,  simple imprisonment of 1 month each
Ramalinga Raju,
B. Ramaraju,
Mynampati
217 (2a) &  628
Simple Imprisonment of 6 months for each accused and Fine of Rs. 20,000/- and  in default of paying fine,  simple imprisonment of 1 month each
Ramalinga Raju,
B. Ramaraju,
Srinivas
211 (1) & (2) & 628
Simple Imprisonment of 6 months for each accused and Fine of Rs. 10,000/- and in default of paying fine, simple imprisonment of 1 month each.
Ramalinga Raju,
B. Ramaraju,
Mynampati
220 (1) & 628
Fine of Rs. 5 lakh and in default of paying fine, simple imprisonment of 6 month each.
11.
JVG GROUP COMPANIES
The matter is still pending against   Mrs. Namrata Krishan, Director who has been declared as Proclaimed offender by the court.  Another Director Sh. D K Aggarwal is no more. Proceedings against another Director Sh. Vijay Kumar Sharma have been dropped.
JVG HOLDINGS
Upender Singh
159 r/w 220
Fine of Rs.10, 000
S.L. Maloo
217 (5)
Fine of Rs.10, 000
JVG HOTELS
S.L. Maloo
217 (5)
Fine of Rs.10, 000
JVG STEEL
S.L. Maloo
215
Fine of Rs.10, 000
JVG HOUSING FINANCE
S.L. Maloo
159/220 (1)
Fine of Rs.10, 000 for non-filing of balance sheet as at 31.3.2007
S.L. Maloo
159/220 (1)
Fine of Rs10, 000 for non-filing of balance sheet as at 31.3.2006.

This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today

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Category : Company Law (3706)
Type : News (13422)
Tags : Companies Act (2171) Companies Act 2013 (1944)

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