Imposition of Rs. 20 Lakh Penalty for Non-Appointment of Company Secretary (CS) Section 203 of the Company Act of 2013, as amended by Rule 8 Companies (Appointment and Remuneration of Managerial Personnel) Rule of 2014, mandates that certain classes of companies must appoint key personnel, including a Managing Director, Chief Executive Of...

The Presenting Officer further submitted that the Auditor of the company i.e. M/s SRBC & Co. LLP, Chartered Accountants, has not comply its duty as per the provision of Section 143(3) of the Companies Act, 2013, with respect to non-quantification of the Related Party Transaction as per para 23A of the IND-AS-24. Hence, non-­complying...

Non-Appointment of CS - Penalty reduced on closely held private company and further imposing maximum penalty by the Registrar of Companies on the company, its Managing Director and other directors is harsh, burdensome on the Company....

Company is having a Managing Director and imposing penalty on non-executive director for Non-Appointment of CS should not have been made....

Non-Appointment of CS - MCA reduces penalty as all shareholders of Company are family members, no public interest is involved....

MCA reduces penalty as candidates who have consented for relocation to remote area for appointment as Company Secretary in company demanded a higher pay scale (above and beyond industry standards)...

(a) due to Covid-19 pandemic, Company was unable to appoint Whole Time Company Secretary as none shown interest despite company's effort during that period. (b) company is having negative reserves and surplus during the year 2021-2022. It has incurred losses during the year 2021....

Non-Appointment CS - penalty reduced - Ac imposing maximum penalty by Registrar of Companies on company, its Managing Director and other director is very harsh, burdensome on Company....

Penalty for Non-Appointment CS – matter is returned back to Registrar of Companies advising to re-examine the issues in totality and pass fresh order by taking the above facts into consideration before passing adjudication order and imposing penalty on the Company and its defaulting officers....

Since the company carried on the business of manufacturing and dealing in starch in the financial year 2018- 19 and 2019-20 without any specific clause in memorandum of association relating to starch, it has breached the provisin of Section 4 of the Companies Act, 2013....