The Registrar of Companies (ROC), Mumbai, issued an adjudication order against Nicco Securities Private Limited and its directors, Amar Nath Agrawal and Ambrish Agarwal, for a violation of Section 12(3)(c) of the Companies Act, 2013, attracting penalty under Section 12(8). The proceedings were initiated following an inquiry conducted under Section 206(4) of the Act. The inquiry report, submitted on September 20, 2019, observed that the company contravened the law by failing to include its Corporate Identity Number (CIN) on the letterheads used for the Directors’ Report and notices for the Financial Year 2016-17. The date of default was considered to be September 4, 2017, the date of the Directors’ Report.
The relevant statutory provision mandates that a company must affix its CIN on its business letters, billheads, and other official publications. Section 12(8) stipulates a penalty of ₹1,000/- per day for continuous default, capped at ₹1,00,000/-. A Show Cause Notice was issued to the company and its officers, but no reply or request for an e-hearing was received, leading the Adjudicating Officer to proceed based on the Inquiry Officer’s report.
The ROC imposed a nominal penalty of ₹1,000/- each on the company, Nicco Securities Private Limited, and its two directors who were identified as officers in default (Amar Nath Agrawal and Ambrish Agarwal). The total penalty imposed was ₹3,000/-. The penalized parties were directed to pay the amount within 90 days via the Ministry of Corporate Affairs’ ‘e-Adjudication’ facility. The order clarified that the penalty imposed on the directors must be paid from their personal sources.
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
ROC Mumbai
Registrar Of Companies, 100, Everest, Marine Drive, Mumbai, Maharashtra, India, 400002
Phone: 022-22812627,022-22812645
E-mail: roc.mumbai@mca.gov.in
Order ID: PO/ADJ/09-2025/MB/00669 Dated: 04/11/2025
ORDER FOR ADJUDICATION OF PENALTY UNDER SECTION 454 OF THE COMPANIES ACT, 2013 (‘THE ACT’) FOR VIOLATION OF SECTION 12(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 theCompanies 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 NICCO SECURITIES PRIVATE LIMITED [herein after known as Company] bearing CIN U74110MH1995PTC089508, is a company registered with this office under the Provisions of the Companies Act, 2013/1956 having its registered office situated at 64/64 A, 3RD FLOOR, SHOP NO. 2, SHEIKH MEMON STREET, ZAVERI BAZAR NA MUMBAI MUMBAI CITY MAHARASHTRA INDIA 400002
Individual details:
In the matter relating to AMAR NATH AGRAWAL [herein after known as individual] having DIN 02498410 and having its address at ___________
In the matter relating to AMBRISH AGARWAL [herein after known as individual] having DIN 02540316 and having its address at ___________
C. Provisions of the Act:
If any default is made in complying with the requirements of this section, the company and every officer who is in default shall be liable to a penalty of one thousand rupees for every day during which the default continues but not exceeding one lakh rupees
D. Facts about the case:
1. Default committed by the officers in default/noticee – Pursuant to the order of the office of the Director General of Corporate Affairs vide letter no. 8102012-CL-II (WR) dated 14.08.2017 and Directorate’s letter No. RDSTATS206(4)LATEST20164962 &4963 dated 28.08.2017, the office of Registrar of Companies, Mumbai was directed to conduct an inquiry under Section 206(4) of the Companies Act, 2013 in the matter of Ms Nicco Securities Pvt. Ltd. Accordingly, the said inquiry was conducted and an Inquiry report was submitted on 20.09.2019.
The IO in its Inquiry report observed that the letter head of the Directors report and notices for the F.Y. 2016-17 did not bear the CIN of the Company. Thus, the Company contravened the provisions of section 12(3) (c) of the Companies Act, 2013 and accordingly, the Company and its every officer who is in default shall be liable to penalty under the provisions of Section 12(8) of the Companies Act, 2013.
2. The Noticees had not submitted any request for the E-hearing. Further, the Adjudicating officer was 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/05-2025/MB/01193 dated 16.05.2025 was issued to Company and its Officers in default (hereinafter referred to as the noticees) under Section 454 read with Section 12(8) of the Act.
B. No reply was received to the said show cause notice and the Noticees had not submitted any request for the E-hearing. Further, the Adjudicating officer was also of the view that no hearing is required in the instant case.
C. Based on the IO report and the facts and circumstances of the case, it is observed that the Company failed mention the CIN on the letterhead of the directors report and notices of the Company for the Financial Year 2016-17 in contravention of Section 12(3)(c) of the Act. The date of default is considered to be the date of the Director report that is 04.09.2017. Accordingly, the Company and its every Officer who is in Default shall be liable to a penalty of Rs. 1000/- (Rupees One Thousand Only) for first default under the provisions of Section 12(8) of the Act.
D. Now, in exercise of the powers conferred on the Adjudicating Officer vide Notification dated 24th March 2015, I hereby impose penalty of Rs. 1000/- (Rupees One Thousand Only) each on the Company and its Officers in default namely Amar Nath Agrawal (Director) and Ambrish Agarwal (Director) under Section 12(8) of the Act.
4. 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 | NICCO SECURITIES PRIVATE LIMITED having CIN as U74110MH1995P TC089508 | No rectification of default required | 1000 | 0 | 100000 |
| 2 | AMAR NATH AGRAWAL having DIN as 02498410 |
No rectification of default required | 1000 | 0 | 100000 |
| 3 | AMBRISH AGARWAL having DIN as 02540316 |
No rectification of default required | 1000 | 0 | 100000 |
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
