The Registrar of Companies (ROC) in Gwalior has imposed a penalty on Shree Krishna Impex Ventures Limited for non-compliance with Section 134(8) of the Companies Act, 2013. The company, which is classified as a “Small Company,” was found to have violated the Act in the financial year 2020-21 by failing to accurately report its board meetings and for providing an unsigned, incomplete Board Report. The company itself filed a suo moto application for adjudication, admitting to the defaults.
The ROC’s order, dated September 18, 2025, details that three board meetings held on February 7, 2020, February 22, 2020, and June 19, 2020, were not included in the company’s Board Report for the financial year 2020-21. Furthermore, the Board Report attached to the e-form AOC-4 was incomplete and lacked the signatures of the directors. Based on these admitted violations, the ROC has imposed a penalty of ₹1,50,000 on the company. Additionally, a penalty of ₹25,000 each was levied on the two directors, Shirish Ramesh Agarwal and Ashish Agarwal. The penalty amounts were reduced by half as per Section 446B of the Act due to the company’s “Small Company” status. The company and its directors have been given 90 days to pay the penalties.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Gwalior
Registrar Of Companies, 3rd Floor, ‘A’ Block, Sanjay Complex, Jayendra Ganj, Gwalior, Madhya Pradesh, India, 474009
Phone: 0751-2321907, Fax: 0751-2631853, E-mail: roc.gwalior@mca.gov.in
Order ID: PO/ADJ/09-2025/GL/00652 Dated: 18/09/2025
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 24/03/2015 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 SHREEKRISHNA IMPEX VENTURES LIMITED [herein after known as Company] bearing CIN U52190MP2020PLC050793, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at 7th Floor, SE- 020-022, Bansal One Rani Kamlapati Railway Station, E-2 Sector Huzur Bhopal Madhya Pradesh India 462016
Individual details:
In the matter relating to SHIRISH RAMESH AGARWAL [herein after known as individual] having DIN 01832024 and having its address at HOUSE NO. 61, LALA LAJPAT RAI COLONY NEAR RADHA KRISHNA MANDIR, ASHOKA GARDEN, , GOVINDPU, NA, BHOPAL, , , 462023 Bhopal Madhya Pradesh India 462023
In the matter relating to ASHISH AGARWAL [herein after known as individual] having DIN 08681765 and having its address at 61 Lala Lajpat Rai colony, Raisen Road, Radha Krishna Mandir ke pass, Ashoka Gar, den, Huzur, NA, Bhopal, Bhopal, , 462023 Bhopal Madhya Pradesh India 462023
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 company SHREEKRISHNA IMPEX VENTURES PRIVATE LIMITED (CIN: U52190MP2020PTC050793) has filed suo-moto an application of Adjudication under section 454 of the Companies Act 2013 for Adjudication of Penalties for Non-compliance of Section 134 of the companies Act, 2013 vide e-Form GNL-1 vide SRN: AB5679909. This office has verified the facts and found that the company has violated the provision of section 134 of Companies Act 2013 in the Financial Year 2020-21 as the Board Meetings dated 07.02.2020, 22.02.2020 and 19.06.2020 were not incorporated in the Board Report of the company and the incomplete Board Report attached with the E-form AOC-4 was not signed by the Directors of the company.
2. The company has filed an application dated 01.08.2025, accordingly the matter has been taken up and an opportunity of being heard has been given to the applicants on 03.09.2025.
E. Order:
1. A. A Show Cause notice bearing ID: SCN/ADJ/08-2025/GL/02366 dated 13.08.2025 was issued to the Company and its Officers in default (hereinafter referred to as the notices) under Section 454 read with Section 134(8) of the Act.
B. The company had submitted its written submission on 25.08.2025 to the said Show Cause Notice dated 13.08.2025.
C. The company has filed an application dated 01.08.2025, accordingly the matter has been taken up and an opportunity of being heard was granted by the Adjudicating Officer to the Company and its Officers in default under the provisions of Section 454(4) of the Act. Accordingly, an E-hearing was scheduled on 03.09.2025 at 12:00 PM (IST) and notice bearing ID: EH/ADJ/09-2025/GL/00766 dated 01.09.2025 was issued. The authorised representative on behalf of the company appeared and attend the hearing.
D. Based on the facts and circumstances of the case, it is observed that the Company has violated the provision of section 134 of Companies Act 2013 in the Financial Year 2020-21 as the Board Meetings dated 07.02.2020, 22.02.2020 and 19.06.2020 were not incorporated in the Board Report of the company and the incomplete Board Report attached with the E-form AOC-4 was not signed by the Directors of the company. Thus, the Company and its every Officer who is in Default shall be liable under the provisions of Section 134(8) of the Act.
E. The period of default is considered from the date on which Boards report filed with ROC or Date of receipt of Form AOC-4 for the FY 2020-21, that is 16.02.2022. Accordingly, 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.
F. However, the Subject Company falls within the definition of a Small Company under the provisions of Section 2(85) of the Act as its paid-up capital is Rs. 1,00,000/- and its turnover is Rs. 23,195,850/- for the F.Y.2020-21. Therefore, as per the provisions of Section 446B of the Companies Act, 2013, the Company and the Officers in default shall be subject to penalty which shall not be more than one half of the prescribed penalty, that is Rs. 1,50,000/- (One Lakh Fifty Thousand Only) for company and Rs. 25,000/- (Twenty Five Thousand) for officers in default in the instant case.
G. Now, in exercise of the powers conferred on the Adjudicating Officer vide Notification dated 24th March 2015, I hereby impose penalty of Rs. 1,50,000/- (One Lakh Fifty Thousand Only) on the Company and Rs. 25,000/- (Twenty-Five Thousand) on its Officers in default namely Shri Shirish Ramesh Agarwal (DIN:01832024) and Shri Ashish Agarwal (DIN: 08681765) under Section 134(8) read with Section 446B of the Act.
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 | SHREEKRISHNA IMPEX VENTURES LIMITED having CIN as U52190MP2020P LC050793 | 150000 | 0 | 300000 | |
| 2 | SHIRISH RAMESH AGARWAL having DIN as 01832024 |
25000 | 0 | 50000 | |
| 3 | ASHISH AGARWAL having DIN as 08681765 |
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 Ahmedabad 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.
Mukesh Kumar Soni,
Registrar of Companies
ROC Gwalior
