The Registrar of Companies (ROC), Mumbai, passed an adjudication order under Section 454 of the Companies Act, 2013 for violation of Rule 8(3) of the Companies (Registration Offices and Fees) Rules, 2014, attracting penalty under Section 450 of the Act. The case arose from a suo-motu adjudication application filed regarding an incorrect financial disclosure in Form AOC-4 (XBRL) for FY 2023–24. While preparing the XBRL filing, the remuneration paid to a director was mistakenly reported as ₹29,934.6 lakh instead of the correct amount of ₹2,934.6 lakh due to a typographical error. The form was digitally signed and certified by a director, making him responsible for the accuracy of the information submitted. Upon verification, the ROC confirmed that the error occurred during preparation of the XBRL file and that the certified financial statements supported the corrected figure. Since the authorised signatory is responsible for the correctness of e-forms, the ROC imposed a penalty of ₹10,000 on the director and directed rectification of the filing within the prescribed timeframe.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Mumbai I
100, Everest, Marine Drive, Mumbai, Maharashtra, India, 400002
Phone: 022-22812627
E-mail: roc.mumbai@mca.gov.in
Order ID: PO/ADJ/03-2026/MH/01737 | Dated: 12/03/2026
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (THE ACT’) FOR VIOLATION OF SECTION 450 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 NVP VENTURE CAPITAL INDIA PRIVATE LIMITED [herein after known as Company] bearing CIN U67110MH2006PTC172142, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at 15TH FLOOR, EXPRESS TOWERS, NARIMAN POINT, NA MUMBAI MUMBAI CITY MAHARASHTRA INDIA 400021
Individual details:
In the matter relating to ASHOK GUPTA
C. Provisions of the Act:
If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be l[liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention 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 or any other person]
D. Facts about the case:
1. Default committed by the officers in default/noticee – Whereas the Registrar of Companies, Mumbai (hereinafter referred to as the ROC) is in receipt of a suo-motu Adjudication Application on 09.10.2025. The instant Adjudication Application filed by Mr. Ashok Gupta, Director (DIN: 00056829) (hereinafter referred to as the Applicant) under Section 454 of the Companies Act, 2013 (hereinafter referred to as the Act) on account of incorrect and inadvertent typographical error in the financial information submitted in the E-form AOC-4 (XBRL file) filed vide SRN F99812802 on 30.09.2024 for FY 2023-24.
Whereas Rule 8(1) and (3) of the Companies (The Registration Office and Fees) Rules, 2014 are reads as follows: (1) An electronic form shall be authenticated by authorised signatories using digital signature.
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(3) The authorised signatory and the professional, if any, who certify e-form shall be responsible for the correctness of the contents of e-form and correctness of the enclosures attached with the electronic form.
Whereas the applicants stated that the while preparation of the XBRL file to the E-form, the remuneration paid to Mr. Niren Shah, Director, was inadvertently mentioned as Rs. 29,934.6 Lakhs instead of amount of Rs. 2,934.6 Lakhs. The said form was digitally signed, and declaration made by Mr. Ashok Gupta, Director (DIN: 00056829). In view of submission made by the Applicant, the ROC requested to submit certified of financial statements duly adopted by the Board and members of the Company for Financial year 2023-24 and readable printout of AOC-4 with annexures (filed in XBRL) for FY 2023-24. Accordingly, the Company submitted above mentioned documents on 10.02.2026.
Whereas the authorized signatory, who certifies e-form shall be responsible for the correctness of the contents of e-form and correctness of the enclosures attached with the electronic form as required under the proviso of Rule 8(3) of Companies (The Registration Office and Fees) Rules, 2014. Thus, Mr. Ashok Gupta, Director (DIN: 00056829) is liable to penalty subject to the provisions Section 450 of the Companies Act, 2013.
2. The Noticee did not request for an E- hearing and the Adjudicating officer is also of the view that no E-hearing is required in the instant case.
E. Order:
1. A. Show Cause notice bearing ID: SCN/ADJ/02-2026/MH/03802 dated 27.02.2026 was issued to the Officer in default viz. Mr. Ashok Gupta, Director (DIN: 00056829) (hereinafter referred to as the Noticee) under Section 454 read with Section 450 of the Act for default under Rule 8(1) and Rule 8(3) of the Companies (Registration Offices and Fees) Rules, 2014 of the Act on account of incorrect and inadvertent typographical error in the financial information submitted in E-form AOC-4 XBRL for FY 2023-24.
B. A reply of the noticee to the said Show Cause Notice was received on the E-adjudication portal on 03.03.2026.
C. The Noticee did not request for an E- hearing and the Adjudicating officer is also of the view that no E-hearing is required in the instant case.
D. On perusal of the Application and considering the facts, it is observed that the Company filed E-Form AOC-4 XBRL vide SRN F99812802 on 30.09.2024. The Applicant stated that while preparation of the XBRL file to the E-form, the remuneration paid to Mr. Niren Shah, Director, was inadvertently mentioned as Rs. 29,934.6 Lakhs instead of amount of Rs. 2,934.6 Lakhs. In this regard, the Company submitted the certified copy of financial statements duly adopted by the Board and members of the Company for Financial year 2023-24 for verification on 10.02.2026. Upon verification the averment is found true. The said E-form AOC-4 XBRL got auto approved under Straight through Process (STP) mode. Certification of said E-form with incorrect mention of remuneration paid to the said director resulted in contravention of Rule 8(3) of the Companies (Registration Offices and Fees) Rules, 2014 of the Act.
E. The Rule 8(1) and Rule 8(3) of the Companies (Registration Offices and Fees) Rules, 2014 of the Act reads as under: 1.An electronic form shall be authenticated by authorised signatories using digital signature.
3. The authorized signatory and the professional, if any, who certify e-form shall be responsible for the correctness of the contents of e-form and correctness of the enclosures attached with the electronic form.
F. Further, the aforementioned E-form AOC-4 XBRL was digitally signed, and Declaration was given by Mr. Ashok Gupta, Director (DIN: 00056829). Thus, he is liable for a penalty under Section 450 of the Act for default under Rule 8(3) of the Companies (Registration Offices and Fees) Rules, 2014 of the Act.
G. The period of default is considered to be the date of filing Form AOC-4 XBRL that is 30.09.2024. Therefore, the officer in default namely Mr. Ashok Gupta, Director (DIN: 00056829) shall be liable to a penalty of Rs. 10,000/- (Rupees Ten Thousand Only). The Company does not fall under proviso of Section 2(85) of the Act.
H. Now, in exercise of the powers conferred on the Adjudicating Officer vide Notification dated 24th March 2015, I hereby impose a penalty of Rs. 10,000/- (Rupees Ten Thousand only) on Mr. Ashok Gupta, Director (DIN: 00056829) under Section 450 of the Act for default under Rule 8(3) of the Companies (Registration Offices and Fees) Rules, 2014.
I. It is hereby clarified that while filing new Form AOC-4 XBRL, the Company shall not cause any change in its earlier attachment which was filed in E-Form AOC-4 XBRL vide SRN F99812802 on 30.09.2024.
J. Further, it is also clarified that order is limited to rectifying the mistake in E-form AOC-4 and it shall have no consequence except rectification of E-form AOC-4.
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 | Ashok Gupta having DIN as 00056829 | NA | 10000 | 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 Mumbai 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.
Chandan Kumar,
Registrar of Companies
ROC Mumbai I
