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⚖B.Kannan vs The Deputy Registrar Of Companies Brief Facts: Ministry of Corporate Affairs (MCA) is a watchdog of corporate governance and statutory compliances. It has remained, from the very start, resolute in its pursuits to uphold the integrity of various establishments. Section 165 is one of the important sections of #CompaniesAct2013 as it limits the number of directorships an individual can hold in various entities. This provision is solely intended to mitigate the risk of overextending responsibilities on directors and to mitigate conflicts of interest. In this case, ROC Chennai served as #AdjudicatingOfficer and upon scrutiny, found out that a director was holding #directorships in 29 companies, exceeding the limit stipulated in #Section165. Despite of the #ShowCauseNotice issued, the aforementioned contravention by the director persisted. Decision: Subsequently, during the legal proceedings, the director acknowledges the breach and readily accepted prescribed penalty of #TwoLakhs. He was further instructed to pay the penalty through #OnlinePortal within #ninetydays. This case serves as a poignant reminder to all corporate entities and directors of the imperative to adhere meticulously to statutory provisions, and to cultivate a culture of compliance that embodies the true essence and intent of the law. SHILPI THAPAR & ASSOCIATES,COMPANY SECRETARIES

MCA Imposes Rs.300,000 Penalty for Companies’ Failure to Mention CIN on Letterhead and Company Documents! 😲 - The Ministry of Corporate Affairs (MCA) has imposed penalties on companies for not including their Corporate Identification Number (CIN) on official documents. 1. Detailed Analysis: - RITESH JEWELS PRIVATE LIMITED in Gujarat violated Section 12(3)(c) of the Companies Act by not mentioning its CIN on the letterhead. - The adjudicating authority imposed penalties on the company and its officers under Section 454 of the Companies Act - The penalty, amounting to Rs. 1,00,000/- on the company and Rs. 1,00,000/- each on two directors, reflects the gravity of the offense. 2. Conclusion: - The enforcement of penalties underscores the significance of regulatory compliance in corporate governance.

As a India is growing economically, company secretary is also booming because- due to... 1 complainces... 2 Legal regulations.. 3 corporate governance... 4 Financial system... 5 Financial structure.. 6 legal structure.... 7 Ethics.... 8 Integrity... 9 Tax structure... 10 Insolvency and liquidation... 11 Securities market... and list do not stops..... Follow - Shubham Maheshwari #cs #csexecutive #csprofessional #csaspirants #icsi #companysecretary #csstudents #semiqualifiedcs #corporategovernance

🚨 Non-Compliance Alert: MCA Imposes Penalty on SITAMAN Industries Pvt Ltd 🚨 The Ministry of Corporate Affairs (MCA) in Mumbai has recently issued a penalty order to SITAMAN Industries Pvt Ltd for non-compliance with Section 118 of the Companies Act, 2013. This case highlights a critical reminder for all companies: ⚠️ FACTS ABOUT THE CASE: The Registrar of Companies found that SITAMAN Industries failed to maintain proper records and attendance sheets for board meetings. Additionally, they inadequately filled out MBP-4 forms related to contracts with related parties. As per Section 118(10) of the Companies Act, 2013, every company is required to observe secretarial standards with respect to general and board meetings, as specified by the Institute of Company Secretaries of India (ICSI) and approved by the Central Government. 📜 Section 118(11) further states that failure to comply with these provisions can lead to penalties: Company Penalty: ₹25,000 Officer in Default Penalty: ₹5,000 This is a crucial compliance requirement that must not be taken lightly! Companies and officers alike need to ensure that all board meetings are properly documented, and all necessary forms are accurately filled out to avoid legal repercussions. Let's stay vigilant and compliant. ✅ 🔍 What steps are you taking to ensure full compliance in your organization? Share your thoughts in the comments below! #ComplianceMatters #CompanyLaw #MCA #CorporateGovernance #BoardMeetings #CompanySecretary

🚨 ADJUDICATION ORDER ISSUED FOR NON-COMPLIANCE WITH SBO REGULATIONS: COMPANY SECRETARY ALSO PENALIZED ALONG WITH DIRECTORS & COMPANY. 🚨 The ROC, NCT of Delhi & Haryana, has imposed penalties of ₹49,200 on the Company Secretary, ₹98,400 on the Directors, ₹1.60 lakh on the Company, and ₹2 lakh on the Significant Beneficial Owner for non-compliance with Section 90 of the Companies Act, 2013, related to the maintenance and filing of Significant Beneficial Ownership (SBO) records. 👉In the Matter of M/s. ATOMY ENTERPRISE INDIA PRIVATE LIMITED. 📌 Key Highlights: 1.      Violation of Section 90(4): Failure to file e-Form BEN-2 for significant beneficial owners. 2.      Violation of Section 90(1): Significant Beneficial Owners did not submit the required declaration in BEN-1. 💡 Compliance Alert: Non-compliance with SBO filings invite strict penalties, including for the Company Secretary. The Order Copy is attached herewith for reference.

Brief facts Appellant has challenged an order passed by AA,Mumbai where Resolution Applicant was permitted to pursue Avoidance application filed under Sec 43,45,46,66 and 67 IBC . Appellant submits that only RP can pursue such applications. Ruling NCLAT referred to the Case law: Kapil Wadhawan’ Vs. `Piramal Capital & Housing Finance Ltd. & Ors.’ in Comp. App. (AT) (Ins.) No. 437/2023  "We do not find any error in the impugned orders passed by the AA permitting the Piramal to pursue the applications and rejecting the applications filed by the Appellant and other Applicants to reject such applications."  Order After noticing the Scheme of the regulation it has been held that Adjudicating Authority can permit the Resolution Applicant to pursue the Application filed under Sections 43, 45, 46, 66 & 67. Appeal dismissed. #IBC #PUFE #CASELAW #CORPORATE LAW #IBC LEGAL UPDATES avmresolution.com

𝐈𝐂𝐀𝐈 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐬 𝐒𝐎𝐏 𝐟𝐨𝐫 𝐋𝐚𝐰 𝐄𝐧𝐟𝐨𝐫𝐜𝐞𝐦𝐞𝐧𝐭 𝐀𝐠𝐞𝐧𝐜𝐢𝐞𝐬 𝐭𝐨 𝐄𝐧𝐬𝐮𝐫𝐞 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐭𝐞𝐠𝐫𝐢𝐭𝐲 𝐨𝐟 𝐂𝐡𝐚𝐫𝐭𝐞𝐫𝐞𝐝 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐭𝐬 The Institute of Chartered Accountants of India (ICAI) has introduced a comprehensive Standard Operating Procedure (SOP) to assist law enforcement agencies in their interactions with Chartered Accountants (CAs) during investigations. This initiative ensures that the rights, dignity, and professional integrity of CAs are upheld while engaging with law enforcement during legal proceedings. 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: 𝐏𝐮𝐫𝐩𝐨𝐬𝐞: The SOP serves as a guideline for police and other law enforcement agencies when dealing with CAs, ensuring professionalism and fairness. 𝐒𝐜𝐨𝐩𝐞: It covers critical aspects such as investigations, searches, seizures, interrogations, detentions, and arrests involving Chartered Accountants. 𝐅𝐨𝐜𝐮𝐬: The document emphasizes protecting the professional dignity of CAs while ensuring due process and the safeguarding of their rights during investigations. 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: It encourages uniform practices across law enforcement agencies to maintain consistency in their approach while dealing with CAs. This significant move by ICAI aims to provide greater clarity and foster better coordination between CAs and law enforcement agencies. For more detailed insights, you can reach out to 𝐂𝐀 𝐑𝐚𝐡𝐮𝐥 𝐆𝐮𝐩𝐭𝐚. #ICAI #CharteredAccountants #SOP #LawEnforcement #ProfessionalIntegrity #Investigations #CARahulGupta #Compliance

𝑯𝒆𝒍𝒍𝒐 𝑪𝒐𝒏𝒏𝒆𝒄𝒕𝒊𝒐𝒏𝒔!! 🔄 𝐑𝐞𝐩𝐨𝐬𝐭𝐢𝐧𝐠 I'm excited to share this insightful post from Legal Suvidha. Ensure your business adheres to mandatory guidelines and promotes sustainable practices. 🌟 Join us in making a positive impact and ensuring your business thrives within the legal framework. Check out the original post at Legal Suvidha 🔔 𝑭𝒐𝒍𝒍𝒐𝒘 𝒖𝒔 𝒇𝒐𝒓 𝒎𝒐𝒓𝒆 𝒖𝒑𝒅𝒂𝒕𝒆𝒔, 𝒔𝒕𝒂𝒚 𝒄𝒐𝒎𝒑𝒍𝒊𝒂𝒏𝒕 𝒂𝒏𝒅 𝒌𝒆𝒆𝒑 𝒚𝒐𝒖𝒓 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒓𝒖𝒏𝒏𝒊𝒏𝒈 𝒔𝒎𝒐𝒐𝒕𝒉𝒍𝒚! 🏢✅ #CorporateLaw #AGM #LegalUpdates #CompanyLaw #AnnualGeneralMeeting #LegalInsight #LegalSuvidha #LinkedInRepost #BusinessInsights #StartupSupport The Institute of Company Secretaries of India (ICSI) The Institute of Chartered Accountants of India (ICAI) The Institute of Cost Accountants of India - WIRC Annual General Meeting