Registrar of Companies, Gujarat, Dadra & Nagar Haveli, has issued an ex-parte penalty order against Yuva Nidhi Company Limited for non-filing of the annual return, in violation of Section 92(4) of the Companies Act, 2013.
The penalty order states that the company failed to file the annual return within the prescribed timeline of 60 days from the date of the annual general meeting or the date on which the annual general meeting should have been held. Section 92(5) 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 92(4).
BEFOR THE ADJUDICATING OFFICER
REGISTRAR OF COMPANIES, GUJARAT, DADRA & NAGAR HAVELI
Order No. ROC-Guj/Yuva Nidhi/Adj. Order/Sec. 92(4)/2023/ 1116 to 21 Dated : 25 May 2023
Ex-PARTE ORDER FOR PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 READ WITH COMPANIES (ADJUDICATION OF PENALTIES) RULES, 2014 FOR VIOLATION OF SECTION 92(4) OF THE COMPANIES ACT, 2013.
IN THE MATTER OF M/s. YUVA NIDHI COMPANY LIMITED.
(U65991GJ2013PLC077222)
Presents
Date of Hearing-09.05,2023
(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. Mr. ATUL KUMAR SINGH (Director)
2. Mr. MEHULKUMAR UPENDRABHAI VYAS (Director)
3. Mr. SURENDRASINGH SABHAJIT SINGH RAJPUT (Director)
4. Mr. RAVINDERSINGH RAMJISINGH (Director)
Appointment of Adjudication Authority: –
1. The Ministry of Corporate Affairs vide its Gazette Notification No. A-42011/112/2014-Ad. I dated 24.03.2015 has appointed the undersigned as Adjudicating Officer in exercise of the powers conferred under section 454 of the Companies Act, 2013 (hereinafter known as Act) read with Companies (Adjudication of Penalties) Rules, 2014 (Notification No. GSR 254(E) dated 31.03.2014) for adjudging penalties under the provisions of Act.
Company:
2. Whereas, M/s. Yuva Nidhi Company Limited (herein after referred to as “the Company”) is a Company registered under the provisions of the Companies Act, 1956/2013 in the State of Gujarat, having CIN (U65991GJ2013PLC077222) on 15.10.2013 and presently having its registered office 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:
3. WHEREAS, Sub-section (1) of Section 92 of the Act provides that every company shall prepare an Annual return in the prescribed form and Sub-section (4) of Section 92 provides that every company shall file with the Registrar a copy of the annual return, within sixty days from the date on which the annual general meeting is held or where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held together with the statement specifying the reasons for not holding the annual general meeting, with such flees or additional fees as applicable.
4. WHEREAS, Sub-section (5) of Section 92 of the provides that if any company fails to file its annual return under sub-section (4) of Section 92 of the Act, before the expiry of the period specified therein, such company and its every officer who is in default 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 two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default;
5. WHEREAS, it is observed form the record of the Company available on the MCA portal that the subject company has failed to file its Annual Return alongwith all the documents which are required to be or attached to such Annual Return under the Act for the financial year 2018-19, 2019-20, 202021 & 2021-22 in compliance of the above provision of section 92(4) of the Companies Act, 2013 and Rules made thereunder.
Show Cause Notice, reply and personal hearing:–
6. Whereas, the office of the undersigned issued adjudication notice under section 454 of the Companies Act, 2013 for violation of section 92(4) of the Companies Act, 2013 to the Company and its officers in default on 16.02.2023 with request to rectify the aforesaid default withing 15 days of the notice.
7. In response to the adjudication notice dated 16.02.2023 issued by the undersigned, neither the company nor the directors have replied nor rectified the aforesaid default.
Submission of Presenting Officer:
The presenting officer submitted that sufficient opportunity has been given the company and its officers in default but it appears that neither they submitted reply nor appear for physical hearing as per schedule fixed. It is further submitted that the company and its officers in default have violated the provisions of section 92(2) of the Companies Act, 2013. Hence, the Adjudicating Authority has empowered u/s 454 of the Companies Act, 2013 to impose penalty u/s 92(5) for Violation of section 92(2) of the Companies Act, 2013.
ORDER:
8. While adjudging quantum of penalty under section 92(4) of the Companies Act, 2013, the Adjudicating Officer shall have due regard to the following factors, namely:
(a) The amount of disproportionate gain or unfair advantage, whenever quantifiable, 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.
(c) The repetitive nature of default.
9. 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.
10. Having considered the facts and circumstances of the case and after taking into account the above factors, the undersigned has reasonable cause to believe that the company and its officers in default have failed to deposit the penalty for violation of section 92(4) of the Companies Act, 2013. I hereby impose a penalty on company and its Directors / officer in default as per Table below for violation of section 92(4) of the Companies Act, 2013 as detailed below:
Penalty for non filing of Annual Return for the F.Y. 2018-19.
Penalty for non filing of Annual Return for the F.Y. 2019-20.
Penalty for non filing of Annual Return for the F.Y. 2020-21
11. The 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 ov.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 mode shall be forwarded to this office along with the copy of form No.INC- 28.
12. 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, Naranpura, 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 copy 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).
13. 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 m 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.
14. Your attention is also invited to section 454(8) of the Companies Act, 2013 in the event .f noncompliance of this order which provides that in case of default in payment of penalty, prosecut on will be filed u/s. 454(8)(ii) of the Companies Act, 2013 at your own costs without any further notice.
The adjudication notice stands disposed of with this order.
( R. C. MISHRA) ICLS
Adjudicating officer,
Registrar of Companies,
Gujarat, Dadra and Nagar Haveli.
