ROC Delhi adjudicated penalties against National Scheduled Castes Finance and Development Corporation and its officers for non-compliance with Section 134(1) of the Companies Act, 2013, which requires financial statements to be signed by the Company Secretary. The company had filed its FY 2022-23 financial statements without the signature of the CS, who was incapacitated due to a life-threatening accident. Independent and non-executive directors were not held liable. Following a physical hearing and written submissions, the Adjudicating Officer imposed penalties under Section 134(8): ₹3 lakh on the company and ₹50,000 each on the officers-in-default, with the condition that the default be disclosed in the upcoming Board Report. The order directs rectification within 90 days, personal payment of fines by officers, and allows appeals to the Regional Director within 60 days. The ruling reinforces strict compliance with Section 134 while recognizing exemptions for independent/non-executive directors.
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/11-2025/DL/00974 | Dated: 28/11/2025
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 134(8) 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 NATIONAL SCHEDULED CASTES FINANCE AND DEVELOPMENT CORPORATION [herein after known as Company] bearing CIN U93000DL1989NPL034967, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at CORE 1&2, 14TH FLOOR, NORTH TOWER SCOPE MINAR, LAXMI NAGAR DISTRICT CENTRE LAXMI NAGAR DELHI EAST DELHI DELHI INDIA 110092
Individual details:
In the matter relating to RAJESH BIHARI___________
In the matter relating to ANNU BHOGAL ____________
In the matter relating to ANJULA SINGH MAHUR ________________
In the matter relating to SHALIL MUKUND AWALE _______________
In the matter relating to SANJAY PANDEY _______________
In the matter relating to RAJNISH KUMAR JENAW _______________
In the matter relating to DURGA PRASAD RAI _______________
In the matter relating to KALYANI CHADHA _______________
C. Provisions of the Act:
(8) If a company is in default in complying with the provisions of this section, the company shall be liable to a penalty of three lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees
D. Facts about the case:
1. Default committed by the officers in default/noticee – This office is in receipt of application vide GNL-1 form SRN F96529458 from the company for adjudication of penalties for default u/s 134 of the Companies Act, 2013. The applicants are Rajnish Kumar Jenaw (Chairman cum Managing Director) and Annu Bhogal (Company Secretary). As per the application, following has been submitted:
2. The Company has conducted a board meeting on 25.08.2023 for approval of financial statements for financial year 202223.
i. The Company has already filed the financial statements for F.Y. ending 31.03.2023 with the Registrar of Companies, however, the same was submitted without the signature of Smt. Annu Bhogal (Company Secretary) as she met with a life-threatening accident on 08.06.2023.
ii. In view of above stated reason, it is observed that there is non-compliance of section 134(1) of the Companies Act, 2013 for the F.Y. 2022-23. Thus, in this regard, the Company and the noticees may file objections/reply, if any.
2. The company vide its letter dated 25.09.2025 requested a physical hearing in the matter. The hearing was held on 24.10.2025.
E.Order:
1. That keeping in view the facts of the case, an e-SCN in the matter was issued on 10.06.2025 and the company vide its letter dated 25.09.2025 informed that the said SCN is not received by them and further requested a physical hearing in the matter. The hearing was convened on 24-10-2025 and Smt. Anu Bhogal, Company Secretary of the company appeared in the hearing. She informed about her health conditions due which the non-compliance occurred. She further informed that some of the directors were appointed as independent/ non-executive directors and hence, they are not liable for the default. Smt. Anu was directed to file written submissions in this regard.
ii.That company vide letter no. NSFDC/SECT/227/6594 dated 28.10.2025 submitted that Anjula Singh Mahur, Durga Prasad Rai, Kalyani Chadha, Sanjay Pandey and Shalil Mukund Awale are independent/Non-executive directors of the company and thus, are not officers-in-default. The submissions of the company are taken into consideration while imposing penalties.
Now, in view of the above, it is observed that the company has filed it financial statement for F.Y. ending 31.03.2023 without signature of Smt. Annu Bhogal, CS of the company which lead to contravention of section 134(1) of CA, 2013 and penalty is imposed on the company and the officers-in-default as per section 134(8) 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, during the present adjudication proceedings, from the material/documents on record(s), prima facie non-compliance(s) as mentioned above have been noticed. In the present adjudication proceeding(s), the non-compliance(s) mentioned above are only being adjudicated and the non-compliances if any, involving aforesaid or any other section under provisions of Companies Act, 2013 shall be taken up separately in accordance with the law for necessary action, if any.
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 | NATIONAL SCHEDULED CASTES FINANCE AND DEVELOPMENT CORPORATION having CIN as U93000DL1989N PL034967 | 300000 | 0 | 300000 | |
| 2 | RAJESH BIHARI having DIN as
08881963 |
50000 | 0 | 50000 | |
| 3 | ANNU BHOGAL having DIN as
10905609 |
50000 | 0 | 50000 | |
| 4 | ANJULA SINGH MAHUR having DIN as 06644859 | 0 | 0 | 50000 | |
| 5 | SHALIL MUKUND AWALE having DIN as 06804536 | 0 | 0 | 50000 | |
| 6 | SANJAY
PANDEY having DIN as 08453230 |
0 | 0 | 50000 | |
| 7 | RAJNISH KUMAR JENAW having DIN as 09056584 | 50000 | 0 | 50000 | |
| 8 | DURGA PRASAD RAI having DIN as 09453376 | 0 | 0 | 50000 | |
| 9 | KALYANI
CHADHA having DIN as 09589473 |
0 | 0 | 50000 |
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
