The ROC Bangalore held that obtaining and retaining a second DIN in violation of Section 155 of the Companies Act attracts penalty under Section 159. Despite the error being inadvertent and later rectified, the prolonged default of 3075 days resulted in a reduced but substantial penalty.
The ROC Bangalore imposed penalty for holding two Director Identification Numbers in violation of Section 155 of the Companies Act, 2013. Even though the second DIN was obtained inadvertently and later surrendered, the continuing default for 1227 days attracted adjudication and monetary penalty.
Information linked to verification of resolution plans was held exempt due to fiduciary relationship, reinforcing limits on RTI disclosures.
The appellate authority held that RTI cannot be used to seek confirmations or opinions. Information already available in the public domain need not be recompiled by the regulator.
The appellate authority held that information could not be disclosed since the subsidiary company was not admitted to insolvency proceedings. RTI access was limited to information held by the regulator.
The authority held that failure to attach a valuation report with Form PAS-3 violates Rule 12(7) of the PAS Rules. In the absence of a specific penalty, the residuary provision under Section 450 was applied, resulting in maximum penalties.
Failure to attach a valuation report with Form PAS-3 was held to breach Rule 12(7). Since continuing penalties were already imposed earlier, only the minimum penalty was levied in this instance.
The order holds that delayed dematerialisation of securities violates Section 29(1A) and Rule 9A. The company and directors were penalised under the residuary provision for prolonged non-compliance.
Failure to file INC-20A within 180 days resulted in penalties on both the company and its directors. The order highlights strict enforcement of commencement of business provisions.
The authority held directors personally liable for a prolonged default in commencement compliance. The case highlights that continuing defaults can result in maximum statutory penalties.
