This matter examined consequences of not filing a mandatory Board Resolution. The authority held that later compliance does not erase liability for earlier default.
The adjudicating authority held that failure to maintain the required number of directors liable to retire by rotation violates Section 152(6)(a). A monetary penalty was imposed on the officer in default despite suo motu disclosure.
The case addressed failure to appoint a woman director within the statutory timeline. The authority held the company and its officers liable under the residuary penalty provision.
The issue was failure to appoint a CFO after crossing the capital threshold. The takeaway is that delays in KMP appointments attract steep statutory penalties.
Missing mandatory allottee particulars in PAS-3 were held to violate Rule 14(6). The company and director were penalised under Section 450 despite prior rejection of NDH-4.
The issue involved prolonged delay in filing Form MGT-14 for approval of accounts. The key takeaway is that misunderstanding compliance requirements does not absolve liability under Section 450.
The order examines prolonged delay in filing mandatory board resolutions approving accounts. It underscores that late compliance, even if rectified later, can attract maximum penalties under the residuary provision.
Failure to disclose occupation of allottees in Form PAS-3 was held to violate Rule 12(2). Rejection of a statutory form was ruled insufficient to escape penalty under section 450.
The regulator held that failure to furnish full allottee particulars violates Rule 14(6). Rejection of NDH-4 led to adjudication and penalties under section 450.
The regulator held that non-spending of CSR amounts and failure to transfer unspent funds within timelines violates section 135. Subsequent voluntary payment does not absolve past defaults.
