The Registrar of Companies, Cuttack, passed an adjudication order dated 13.07.2026 under Section 454 of the Companies Act, 2013 for violation of Section 450 arising from non-compliance with Rule 12(1B) of the Companies (Accounts) Rules, 2014 by KASHVI POWER & STEEL PRIVATE LIMITED. Form CSR-2 for the financial year 2020-21 was required to be filed on or before 30.06.2022 but was filed only on 01.06.2026. The company submitted that the delay resulted from an inadvertent oversight relating to the newly introduced filing requirement and sought deletion of proceedings against the Company Secretary appointed on 08.01.2025, contending she was not an officer during the initial default period. The Adjudicating Officer held that the default was a continuing one from 30.06.2022 until filing of the form and rejected the contention regarding the Company Secretary, treating her as an officer in default during the period she held office. Penalties under Section 450 were imposed on the company, its Managing Director, the present Company Secretary and the former Company Secretary. The company was directed to pay ₹2,00,000, while ₹50,000 each was imposed on the three officers, with payment and compliance directions specified in the order.
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/02522 Dated: 13/07/2026
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. 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 KASHVI POWER & STEEL PRIVATE LIMITED [herein after known as Company] bearing CIN U40100OR2009PTC011341, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at PLOT NO. 1234-P,GOBINDPRASAD BOMIKHAL NA BHUBANESWAR ORISSA INDIA 751010
Individual details:
In the matter relating to MADHUSMITA SAHU ————-
In the matter relating to DEBABRATA BEHERA ——————
In the matter relating to MADHUCHHANDA PRADHAN ————
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 1[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 – Rule 12(1B) of the Companies (Accounts) Rules, 2014 inter-alia provides that :-
Every Company covered under the provisions of sub-section (1) to section 135 shall furnish a report on Corporate Social Responsibility in Form CSR-2 to the Registrar for the preceding financial year (2020-21) and onwards as an addendum to Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind. AS), as the case may be.
Provided that for the preceding financial year (2020-21), Form CSR-2 shall be filed separately on or before 30.06.2022, after filing Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind. AS), as the case may be.
In view of above provisions, Form CSR-2 for the Financial Year 2020-21 was required to be filed by the company on or before 30.06.2022. However, it is observed that the company has filed form CSR-2 for the said financial year 2020-21 only on 01.06.2026. Therefore, the company has contravened the provisions made under Rule 12(1B) of the Companies (Accounts) Rules, 2014 and accordingly, the company and its officers in default for the relevant period are liable for penalty under the provisions of Section 450 of the Companies Act, 2013.
2. Reply has been received from the Company in response to the SCN dated 12.06.2026. 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 23.06.2026 has submitted that :-It is respectfully submitted that form CSR-2 for the Financial Year 2020-21 was inadvertently filed on 01.06.2026 instead of on or before 30.06.2022. The delay occurred solely due to an inadvertent oversight and lack of proper appreciation of the newly introduced requirement under Rule 12(1B) of the Companies (Accounts) Rules, 2014 mandating filing of form CSR-2. The requirement was introduced for the first time for FY 2020-21 and was initially required to be filed separately by 30.06.2022. Because of the notification regarding the amendments of Companies (Accounts) Amendment Rules, 2022 notified much after the annual filing date i.e. 11.02.2022, whereon Rule 12(1B) was inserted for filing of CSR-2. Hence, as part of the Annual filing CSR-1 was inadvertently ignored. The omission was purely technical and procedural in nature and was not deliberate, intentional or with any mala fide motive to evade statutory compliance. The company otherwise endeavoured to comply with all applicable provisions of the Companies Act, 2013 and, immediately upon noticing the omission, took corrective steps and filed Form CSR-2 on 01.06.2026, thereby making good the default before initiation of adjudication proceedings. No prejudice has been caused to any stakeholder, creditor, shareholder or public interest on account of the delay, and there has been no wrongful gain to the company or wrongful loss to any person. The company further submitted that :-Ms. Madhusmita Sahu was appointed as Company Secretary in the company only on 08.01.2025, in place of Ms. Madhuchanda Pradhan. The alleged default pertains to non-filing of Form CSR-2 for 2020-21 by the due date of 30.06.2022 and continued during a period when Ms. Madhusmita Sahu was neither an officer nor associated with the management of the company. Since Ms. Madhusmita Sahu was not an officer in default during the relevant period of occurrence of the alleged non-compliance, she cannot be treated as an Officer in default for the said contravention. It is therefore, humbly submitted that her name may may kindly be deleted from the present adjudication proceedings and no penalty may be levied upon her.
(ii) As per requirement of Rule 12(1B) of the Companies (Accounts) Rules, 2014, the form CSR-2 for the Financial Year 2020-21 was required to be filed on or before 30.06.2022. However, the company has filed the Form CSR-2 for the said financial year, only on 01.06.2026. The company has also acknowledged and admitted that inadvertently, the said form was not filed within the prescribed time limit. Therefore, belated filing if any, can make good the offence, but the default continues from the due date of filing till the filing of the said form. Submission of the company in respect of Ms. Madhusmita Sahu, Company Secretary has been carefully examined. The contention that Ms. Sahu has been appointed only on 08.01.2025, whereas the default occurred on 30.06.2022 and hence, she cannot be treated as officer in default, is not tenable. The default is a continuous offence and continued from the date of occurrence i.e. 30.06.2022 till the date of the filing the said form. As Ms. Sahu is/was an officer during the aforesaid period, she is treated as Officer in default. Having considered the facts and circumstances of the case and the documentary evidence available on record, it is concluded that the company and its directors/officers for the relevant period have violated the provisions of Rule 12(1B) of the Companies (Accounts) Rules, 2014. Therefore, I am imposing penalty, upon :- the company and Shri Debabrata Behera, Managing Director for the period from 01.07.2022 (due date of filing) to 31.05.2026 (last date up to which form was not filed), Ms. Madhusmita Sahu, Company Secretary from 08.01.2025 (date of joining as Company Secretary) to 31.05.2026 (last date up to which form was not filed) and Ms. Madhuchhanda Pradhan, Ex-C pany Secretary from 01.07.2022 (due date of filing) to 07.01.2025 (date of her resignation from the company), under the provisions of the Section 450 of the Companies Act, 2013.
(iii) 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 | KASHVI POWER & STEEL PRIVATE LIMITED having CIN as U40100OR2009P TC011341 | 200000 | 0 | 200000 | |
| 2 | MADHUSMITA SAHU having PAN as FIZPS2833F | 50000 | 0 | 50000 | |
| 3 | DEBABRATA BEHERA having DIN as 01528954 | 50000 | 0 | 50000 | |
| 4 | MADHUCHHAND A PRADHAN having DIN as 08238997 | 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
