The Registrar of Companies, Uttar Pradesh I, by Order ID PO/ADJ/06-2026/UP/02385 dated 22 June 2026, adjudicated penalties under section 454 of the Companies Act, 2013 for violation of section 134(8) by ICL MUTUAL BENEFITS CORPORATION LIMITED and its officers. The order states that the Inspection Report found that the company had not attached the Directors’ Report with the financial statements for the financial year ending 31.03.2018, resulting in non-compliance with section 134(3) of the Companies Act, 2013. Show cause notices were issued on 08.05.2026 to the company and its officers in default, but no response or request for hearing was received. Accordingly, the ROC imposed a penalty of ₹3,00,000 on the company and ₹50,000 each on NANDAN KUMAR, ANAND PAL GOLA, DEEPAK KUMAR BHATNAGAR, and SANJEEV KUMAR under section 134(8). The order directs the notified persons to rectify the default and pay the penalties within 90 days of receipt of the order and provides for an appeal to the Regional Director, Delhi, within 60 days.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Uttar Pradesh I
2nd Floor, Kendriya Bhawan, GPOA Building, Fazalganj, Kanpur, Uttar Pradesh, India, 208012
Phone: 0512-2310443
E-mail: roc.kanpur@mca.gov.in
Order ID: PO/ADJ/06-2026/UP/02385 | Dated: 22/06/2026
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. 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 ICL MUTUAL BENEFITS CORPORATION LIMITED [herein after known as Company] bearing CIN U65923UP2013PLC058649, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at 10 JAMUNA VIHAR OPP NORTH CITY EXTENTION,PILIBHIT BYPASS ROAD NA BAREILLY BAREILLY UTTAR PRADESH INDIA 243001
Individual details:
In the matter relating to NANDAN KUMAR
In the matter relating to ANAND PAL GOLA
In the matter relating to DEEPAK KUMAR BHATNAGAR
In the matter relating to SANJEEV KUMAR
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 – The 10 has been pointed out in the Inspection Report submitted that the company has not attached the directors report with the financial statements for the financial year ending 31.03.2018. Hence, it is non-compliance of Section 134(3) of the Companies Act, 2013. In this regard, as to why the penal action as contemplated under Section 134(8) of the Companies Act, 2013 should be initiated against the Company and its officers in default for non-compliance of Section 134(3) of the Companies Act, 2013.
2. Neither any response has been received from the company and its officers-in-default nor any request of hearing received in this regard.
E. Order:
1. The 10 has been pointed out in the Inspection Report submitted that the company has not attached the directors report with the financial statements for the financial year ending 31.03.2018. Hence, it is non-compliance of Section 134(3) of the Companies Act, 2013 punishable under Section 134(8) of the Companies Act, 2013.
This office issued Show Cause Notice on 08.05.2026 to the company and every officer of the Company who is in default. More than 30 days have expired from issue of Show Cause Notice, no response has been received till date. The company/officer of the Company who are in default have also not requested for hearing. In the said circumstances, penalty as applicable as mentioned below is being imposed upon the company and every officer of the Company who is in default as per Section 134 (8) of the Companies Act, 2013 for violation of Section 134(3) of the Companies Act, 2013.
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 | ICL MUTUAL BENEFITS CORPORATION LIMITED having CIN as U65923UP2013P LC058649 | 300000 | 0 | 300000 | |
| 2 | NAN DAN
KUMAR having DIN as 06597304 |
50000 | 0 | 50000 | |
| 3 | ANAND PAL GOLA having DIN as 06634129 | 50000 | 0 | 50000 | |
| 4 | DEEPAK KUMAR BHATNAGAR having DIN as 08010723 | 50000 | 0 | 50000 | |
| 5 | SANJEEV KUMAR having DIN as 07539817 | 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 Delhi 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.
Sanjay Bose,
Registrar of Companies
ROC Uttar Pradesh I
