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MCA imposes Rs. 1.5 Lakh Penalty for not delivering certificates of securities allotted

November 15, 2022 1110 Views 0 comment Print

Section 56(4)(b) of Companies Act, 2013 stipulates that every company shall, unless prohibited by any provision of law or any order of court, tribunal or other authority, deliver the certificates of all securities allotted, transferred or transmitted within a period of 2 months from the date of allotment, in case of any allotment of any of its shares.

Penalty reduced as company was having accumulated losses & not in a position to employ CS

November 15, 2022 861 Views 0 comment Print

Company is having accumulated losses and not in a position to employ a Whole Time Company Secretary. Though the Company has earned some profits during the last two years, it is not sufficient to make its net worth positive.

Non-appointment of CS as Company was not in a cosmopolitan area – Penalty reduced

November 15, 2022 729 Views 0 comment Print

F.No:9/72/ADJ/SEC. 203/2013/ANDHRA PRADESH /RD(SER)/2022/5492 BEFORE THE REGIONAL DIRECTOR, SOUTH EAST REGION MINISTRY OF CORPORATE AFFAIRS, HYDERABAD IN THE MATTER OF COMPANIES ACT, 2013 IN THE MATTER OF SAUMYA MEDICAL CARE AND MEDIA LIMITED 1. M/s. Saumya Medical Care And Media Limited 2. Mr. Suresh Chintamaneni, Managing Director Appellants Date of hearing :15.11.2022 Present : Mr. […]

Preliminary views cannot be considered as voting instructions by creditors under CIRP Regulations

November 15, 2022 612 Views 0 comment Print

The DC notes from the perusal of the minutes of the 6th CoC meeting that the meeting was held on 17.10.2020 and the preliminary views were taken before starting the meeting on 15.10.2020 at 8 pm till 16.10.2020 at 9 p.m. Further, the DC noted that the minutes clearly state that out of total 136 […]

CBDT Office Order: Amendments to Section 144B Units – Nov 2022

November 14, 2022 945 Views 0 comment Print

Office Order -2 Setting up of Units under sub-section (3) of section 144B of the Income-tax Act, 1961 – reg In pursuance of sub-section (3) of section 144B of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following amendments in the Office Order – 2 of even number dated 10.06.2022, namely :‑

Rajasthan VAT: SOP for outstanding demands created against firms who have not made any sale and/or purchase of goods

November 12, 2022 1233 Views 0 comment Print

Rajasthan VAT Standard Operating Procedure (SOP) for outstanding demands created against such person (firms) who have not made any sale and / or purchase of goods

IBBI penalises IP for conducting CIRP & Liquidation proceeding in a very casual & careless manner

November 10, 2022 960 Views 0 comment Print

From the aforesaid discussion, DC finds that Ms. Sonu Jain was conducting CIRP and Liquidation proceeding in a very casual and careless manner which is not at all expected from an Insolvency Professional. Ms. Jain was not only casual in keeping the records of the proceeding and submitting the same to IA, but she was […]

No CS was willing to join hospital after Covid-19 pandemic – Penalty reduced

November 10, 2022 756 Views 0 comment Print

After the Covid-19 pandemic no Company Secretary from far of places shown interest to come and join in a hospital business as the company is engaged in Covid-19 pandemic related treatment. Authorised representative requested to waive the penalty as no mens rea could be proved on the part of the Company and its officers in charge.

MCA imposes 4 Lakh Penalty on company & directors for not having registered office

November 9, 2022 1626 Views 0 comment Print

Order for penalty for violation of section 12 of the Companies Act,2013 with respect to Magadh Spun Pipe Limited   Whereas, office of the Registrar of Companies, Bihar-cum-Official Liquidator, High Court Patna, has issued letter no. ROC/Pat/Compt/ 2091/761-765 dated 10.08.2022 to the company and its directors; however the said letter addressed to the company returned […]

MCA imposes penalty exceeding Rs. 11 Lakh for not filing Financial Statements on Company & Directors

November 9, 2022 1623 Views 0 comment Print

Order for penalty for violation of section 137 of the Companies Act, 2013 with respect to Magadh Spun Pipe Limited Company is in default for filing its Financial Statements for the financial year ended 31.03.2017 31.03.2019, 31.03.2020 and 31.03.2021 with the office of Registrar of Companies, Patna. A reply dated 03.11.2022 was received from the […]

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