The Registrar of Companies, Cuttack, passed an adjudication order dated 24 July 2026 under section 454 of the Companies Act, 2013 for violation of section 137(3) by SHAKTI CHROME LIMITED for failure to file its financial statements for the financial year ended 31 March 2023 within the prescribed time. The order records that the financial statements were required to be filed by 31 October 2023 but were filed on 9 July 2026 through e-Form AOC-4. The company stated that the delay resulted from administrative and procedural difficulties and sought additional time to complete pending compliances. The Adjudicating Officer noted that although the subsequent filing cured the compliance default, it did not extinguish the continuing default, which subsisted from 1 November 2023 to 8 July 2026. Penalties of $108,000 were imposed on the company and $50,000 each on five officers in default. The order directs payment of penalties within 90 days through the MCA e-Adjudication facility, filing of e-Form INC-28 after payment, provides for an appeal before the Regional Director, Hyderabad within 60 days, and refers to section 454(8) for consequences of non-payment.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Cuttack
ROC-cum-Official Liquidator, Ministry Of Corporate Affairs, Corporate Bhawan, 2nd & 3rd Floor, Plot No-9(P), Sector-1,
CDA, Cuttack, Orissa, India, 753014
Phone: 0671-2366952
E-mail: roc.cuttack@mca.gov.in
Order ID: PO/ADJ/07-2026/CT/02562 Dated: 24/07/2026
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 137(3) OF THE COMPANIES ACT, 2013.
A. Appointment of Adjudicating Officer:
Ministry of Corporate Affairs vide its Gazette notification number S.O. 698(E) dated 10/02/2026 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 SHAKTI CHROME LIMITED [herein after known as Company] bearing CIN U10200OR1993PLC003389, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at CINEMA BAZAR, MOTIGUNJ NA BALASORE BALESHWAR ORISSA INDIA 756003
Individual details:
In the matter relating to TANVIR DAGMAN————
In the matter relating to TARINI PRASAD MOHANTY ——————-
In the matter relating to SOHAN KUMAR SARAWGI ———————-
In the matter relating to RAJKISHORE NANDA ——————-
In the matter relating to LAXMINARAYAN BEHERA ——————
C. Provisions of the Act:
(3) If a company fails to file the copy of the financial statements under sub-section (1) or sub-section (2), as the case may be, before the expiry 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 managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be 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 fifty thousand rupees.
D. Facts about the case:
1. Default committed by the officers in default/noticee – It is observed from the record available with this office that the company has not filed its Financial Statements for the Financial Year ending 31.03.2023 till date. However the company was required to file its Financial Statements for the Financial year ending 31.03.2023 as specified under Section 137 of the Companies Act, 2013 thereby the company has contravened the provisions of Section 137 of the Companies Act, 2013 and hence, the company and its officers/directors in default are liable to be punished under Section 137(3) of the Companies Act 2013.
2. Reply has been received from the Company in response to the SCN dated 25.05.2026 through e-mail/physical. Further, the company and other noticee have not opted for e-hearing. The Adjudicating Officer is of the opinion that the records available is suffice for adjudicating the matter. Hence, no e-hearing has been provided.
E. Order:
1.
(i) The company in its reply dated 30.05.2026 has submitted that :-
The company most respectfully submits that it has always endeavoured to comply with the provisions of the Act, and that the delay in filing of the financial statements, if any, was neither wilful nor deliberate, but occurred on account of certain administrative and procedural difficulties beyond the immediate control of the company.
The company is presently in the process of finalising and completing the pending statutory compliances, including the finalisation of the financial statements and the requisite e-filings with the office of the Registrar of Companies. The said process is at an advanced stage and is expected to be completed shortly.
In order to enable the company and its officers in default to complete the aforesaid pending compliances and thereafter to file a proper and detailed reply to the captioned notice, it is most humbly prayed that this Honble Adjudicating Authority may kindly be pleased to grant an additional period of 30 days from the due date of reply.
(ii) Further detailed reply from the company has not been received till date. However, it is observed from the MCA portal that the company has filed the requisite e-form AOC-4 (Financial Statements) for the Financial Year ending on 31.03.2023 vide SRN-AC4274557 dated 09.07.2026.
(iii) As per the provisions of Section 137(1) of the Companies Act, 2013, every company is required to file its Financial Statements with the Registrar within thirty days from the date of the Annual General Meeting. Accordingly, the Financial Statements of the company for the Financial Year ended 31.03.2023 were required to be filed on or before 31.10.2023. However, it is observed from the records available on the MCA portal that the company filed the said Financial Statements only on 09.07.2026, which is beyond the rectification period contemplated under the proviso to Section 454(3) of the Companies Act, 2013.
It is a settled position that subsequent filing of the Financial Statements may cure the default for the purpose of compliance, however, such belated filing does not obliterate the default already committed. The default is a continuing one and subsists from the date immediately succeeding the due date of filing until the date immediately preceding the actual filing of the Financial Statements.
Having considered the facts and circumstances of the case, the submissions made by the company, and the documentary evidence available on record, it is concluded that the company and its Directors/Officers in default have violated the provisions of Section 137(1) of the Companies Act, 2013. Accordingly, in exercise of the powers conferred under Section 137(3) of the Companies Act, 2013, penalty is hereby imposed upon the company and its Directors/Officers in default for the period commencing from 01.11.2023, being the date immediately following the due date of filing, up to 08.07.2026, being the date immediately preceding the actual filing of the Financial Statements, for the aforesaid violation.
(iv) The company and the directors/officers in default shall pay the penalty amount as mentioned herein below through online mode in compliance with Rule 3(14) of the Companies (Adjudication of Penalties) Amendment Rules, 2019, within a period of 90 days from the date of receipt of this order, specifying the details of this order and the name of the noticee making such payment. Further, the company shall file e-Form INC-28 along with a copy of this order and the payment challans immediately after payment of the penalty amount.
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 | SHAKTI CHROME LIMITED having CIN as U10200OR1993P LC003389 | 108000 | 0 | 200000 | |
| 2 | TANVIR DAGMAN having DIN as 00559474 | 50000 | 0 | 50000 | |
| 3 | TARINI PRASAD MOHANTY having DIN as 02353323 | 50000 | 0 | 50000 | |
| 4 | SOHAN KUMAR SARAWGI having DIN as 05263042 |
50000 | 0 | 50000 | |
| 5 | RAJKISHORE NANDA having DIN as 06740392 | 50000 | 0 | 50000 | |
| 6 | LAXMINARAYAN BEHERA having DIN as 07228687 |
50000 | 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 Hyderabad 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.
Sitaram Gupta,
Registrar of Companies
ROC Cuttack
