Registrar of Companies (ROC), Chandigarh, has imposed penalties on TSC India Limited and its directors for non-compliance with Section 134(8) of the Companies Act, 2013, relating to the preparation and approval of consolidated financial statements for the financial year 2022–23. The adjudication order, issued on 24 October 2025 under Section 454 of the Act, found that the company failed to meet the requirements prescribed under Section 134(1). Accordingly, penalties have been levied as follows: ₹1,50,000 on TSC India Limited, and ₹25,000 each on its directors — Vinay Gupta (DIN 03306431), Ashish Kumar Mittal (DIN 00027712), and Puja Mittal (DIN 07221774). Each director’s penalty carries a maximum limit of ₹50,000 under the Act. The company and its officers have been directed to rectify the default and remit the penalty amount within 90 days via the e-Adjudication portal on the MCA website, with payments to be made from personal sources. The order also allows the aggrieved parties to file an appeal before the Regional Director, Northern Region (Noida) within 60 days of receiving the order, in accordance with Section 454(5) and (6) of the Act. Non-payment of penalties within the stipulated period may attract further penal consequences under Section 454(8). The adjudication was conducted by Anupam Vashista, Registrar of Companies, Chandigarh, under the authority granted by MCA Notification S.O. 831(E) dated 24 March 2015.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Chandigarh
Registrar of Companies, Punjab and Chandigarh, 1st Floor, Corporate Bhawan, Plot No.4-B, Sector 27-B, Chandigarh,
Chandigarh, India, 160019
Phone: 0172-2639415/2639416
E-mail: roc.chandigarh@mca.gov.in
Order ID: PO/ADJ/10-2025/CH/00809 | Dated: 24/10/2025
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 24/03/2015appointed 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 TSC INDIA LIMITED [herein after known as Company] bearing CIN U63040PB2003PLC026209, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at OFFICE NO. 3, 2ND FLOOR, MIDLAND FINANCIAL CENTRE, PLOT NO. 21-22, G.T. ROAD, NA JALANDHAR JALANDHAR PUNJAB INDIA 144001
Individual details:
In the matter relating to VINAY GUPTA [herein after known as individual] having DIN 03306431 and having its address at —–
In the matter relating to ASHISH KUMAR MITTAL [herein after known as individual] having DIN 00027712 and having its address at —–
In the matter relating to PUJA MITTAL [herein after known as individual] having DIN 07221774 and having its address at —–
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 – That the Company failed to prepare and approve the consolidate Financial Statement as per Section 134 (1) of the Companies Act,2013 for the F.Y 2022-23.
2. NA
E. Order:
1. NA
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 | TSC INDIA LIMITED having CIN as U63040PB2003P LC026209 | 150000 | 0 | 300000 | |
| 2 | VINAY GUPTA having DIN as
03306431 |
25000 | 0 | 50000 | |
| 3 | ASHISH KUMAR MITTAL having DIN as 00027712 | 25000 | 0 | 50000 | |
| 4 | PUJA MITTAL having DIN as
07221774 |
25000 | 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.
Anupam Vashista,
Registrar of Companies
ROC Chandigarh
