This is a regulatory order issued by ROC Delhi I under Section 454 of the Companies Act, 2013 concerning an alleged violation attracting Section 450. The company filed a GNL-1 application seeking cancellation or marking as defective of its AOC-4 for FY 2020-21, stating that while filing the form, the option relating to Consolidated Financial Statements (CFS) was inadvertently not selected. The adjudicating authority held that the lapse could not be rectified merely by marking the form as defective without adjudication. During the proceedings, the company accepted the violation as an inadvertent oversight and stated that it had continued for successive years, while also submitting that certain individuals were not officers in default during the relevant period. On examination of the filings and submissions, the authority found that although AOC-4 had been filed, the company had not selected the CFS option in terms of Section 137(1). The company was directed to rectify the non-compliance by filing rectified documents within 30 days, failing which the adjudication order would be treated as void. The penalty table records a penalty amount of zero for the company and all notified individuals, who were also directed to rectify the default and pay any applicable penalty within the prescribed period.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Delhi I
4th Floor, IFCI Tower, 61, Nehru Place, New Delhi, Delhi, India, 110019
Phone: 011-26235703
E-mail: roc.delhi@mca.gov.in
Order ID: PO/ADJ/06-2026/DL/02397 | Dated: 23/06/2026
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 IBERIA PHARMACEUTICALS INDIA LIMITED [herein after known as Company] bearing CIN U24232DL2013PLC250040, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at PROPERTY NO. 4, BLOCK-C, FIRST FLOOR SECTOR-8, DWARKA BAGDOLA NEW DELHI SOUTH WEST DELHI DELHI INDIA 110077
Individual details:
In the matter relating to SHRIPATI SHARMA______________________________________________
In the matter relating to RAJ KUMAR_____________________________________________
In the matter relating to HARMEET KAUR _____________________________________________
In the matter relating to ATUL BHOLA _____________________________________________
In the matter relating to PREETI JAIN _____________________________________________
In the matter relating to . DEEPANSHU_____________________________________________
In the matter relating to ADITYA RUNGTA_____________________________________________
In the matter relating to RISHABH JAIN _____________________________________________
In the matter relating to NITIN JAIN_____________________________________________
In the matter relating to SAURAV OJHA_____________________________________________
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 – 1. Whereas, this office is in receipt of an application vide GNL-1 (SRN: AC3034175) dated 18.04.2026 filed by the company requesting cancellation of AOC-4 filed during financial year 2020-2021 vide SRN: T85587467 dated 10.03.2022 stating that “The company filed all documents on time but inadvertently while filing the button related to CFS could not be pressed and company filed the documents, which was not complete. The said mistake is pointing out during secretarial audit for proposed IPO. Now want to rectify.”
2. The company has requested that the said e-form be treated/marked as defective.
3. Whereas, the competent authority is of the considered view that the aforesaid non-compliance constitutes a default under the provisions of the Companies Act, 2013, and that such lapse cannot be merely rectified by marking the form as defective without first addressing the contravention through due adjudication.
4. Whereas, the said default attracts the provisions of Section 450 of the Companies Act, 2013 (where no specific penalty is provided) and is liable to be adjudicated under Section 454 of the Act.
Now, in view of the above, the adjudication officer has reasonable cause to believe that the subject company has not complied with the provision of 450 of the Companies Act,2013. You are hereby called upon to show cause within 15 days from the date of receipt of this notice as to why penalty should not be imposed upon the company and its officers in default for the aforesaid non-compliance under Section 450 of the Companies Act, 2013, may submit objections/ reply, if any. You are further given an opportunity of being heard in person or through an authorized representative on a date to be intimated separately / or may indicate your preference for hearing within the stipulated period.
In case no reply is received within the prescribed period, the matter shall be decided ex-parte on the basis of available records without any further reference.
2. No e-hearing have been sought by the Noticees.
E. Order:
1. Whereas in view of the facts of the case, an e-SCN (SCN/ADJ/05-2026/DL/04391) u/s 450 of the Companies Act, 2013 was issued to the company and its “officer” on 13.05.2026 regarding the e- Form AOC-4 filed for financial year 2020-21 vide SRN: T85587467 dated 10.03.2022 to be as defective. Response received on 19.05.2026 from Mr. Nitin Jain on behalf of company and all other directors, where they accepted the violation and stated that the default occurred due to inadvertent oversight and further continued for successive years.
2. Whereas, this office in receipt of an application vide GNL-1 (SRN: AC3034175) dated 18.04.2026 filed by the company requesting cancellation/marked defective of e- Form AOC-4 filed during financial year 2020-21, stating that the company filed all documents on time but inadvertently while filing the option related to “Consolidated Financial Statement” (CFS) could not be selected owing to which these statutory e-forms were filed without complete particulars and attachments.
3. Whereas, during the course of e-adjudication proceedings queries were raised w.r.t explanation with supporting documents for the case, affidavit from Managing Director stating that no change will be made if made detective.
4. The Company responded that Mr. Shripati Sharma, Mr. Raj Kumar, Mr. Harmeet Kaur, Mr. Atul Bhola and Ms. Preeti Jain were not part of the Board thus having no role during the relevant period and therefore not responsible as “officer in default” under the Companies Act, 2013. Further the violation is under section 137 (1) and not under section 450 of the Act, as said in the e-SCN raised. Sh. Nitin Jain and Mr. Rishabh Jain being “officers” as per the signatory details filed with MCA21 Registry, in terms of provisions of section 450 of the Companies Act, 2013, may be penalized for the said default for the subjected period.
5. On examination of the documents and submissions filed by the company and the filings made in MCA21 Registry, it is firmed that although the company had filed e-form AOC-4 but was non-complaint of not selecting the radio button for “CFS” in terms of Section 137(1).
6. Taking into consideration the proviso to section 454 (3) of the Act for non compliance u/s 137(1) of the Act, the company to rectify the non-compliance within 30 days of issuance of this order.
7. Now the company is directed to file the rectified documents within 30 days from this order. If the rectified documents are not filed within the prescribed time, this adjudication order shall be treated as and void.
8. The findings recorded herein are based upon the Company’s application, submission and records available on the MCA portal. Nothing contained in this order shall be construed as expressing any opinion upon matters that may be the subject matter of any inquiry, inspection, investigation, prosecution or other proceedings under the Companies Act, 2013. Such proceedings, if any, shall continue independently in accordance with law. Further, if this leads to any other non-compliance falling under the provisions of the Companies Act, the company has the liberty to rectify the same by way of compounding, adjudication, under section 131 or others as per the provisions of the Act.
9. Subject to above the company has to disclose the adjudication order and the reason(s) made thereof, for such adjudication in their forthcoming Board’s Report and to other Authorities/Organizations, if required.
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 | IBERIA PHARMACEUTIC ALS INDIA LIMITED having CIN as U24232DL2013P LC250040 | 0 | 0 | 200000 | |
| 2 | SHRIPATI SHARMA having PAN as BEZPS6000J | 0 | 0 | 50000 | |
| 3 | RAJ KUMAR having PAN as BGBPK0065P |
0 | 0 | 50000 | |
| 4 | HARMEET KAUR having DIN as 01737331 | 0 | 0 | 50000 | |
| 5 | ATUL BHOLA having DIN as 08730166 | 0 | 0 | 50000 | |
| 6 | PREETI JAIN having DIN as 08803345 | 0 | 0 | 50000 | |
| 7 | . DEEPANSHU having PAN as AOEPD0208F | 0 | 0 | 50000 | |
| 8 | ADITYA RUNGTA having DIN as 02414611 | 0 | 0 | 50000 | |
| 9 | RISHABH JAIN having DIN as 05276845 | 0 | 0 | 50000 | |
| 10 | NITIN JAIN having DIN as 05276862 |
0 | 0 | 50000 | |
| 11 | SAURAV OJHA having DIN as 08104529 | 0 | 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.
Seema Rath,
Registrar of Companies
ROC Delhi I
