ROC Bangalore Imposes Penalty for Non-Filing of Financial Statements
The Registrar of Companies (ROC), Bangalore, imposed Rs 134,000 penalty on a company called Minance Investment Advisors Private Limited and Rs 50,000 penalty on its officers in default for not filing its financial statements for FY 2021-22.
Background of the case
During an inquiry under Section 206(4) of the Companies Act, 2013, it was found that the company did not file its financial statements for the financial year 2021-22, as required under Section 137 of the Act.
Because of this violation, a show cause notice dated May 14, 2025, was issued to the company and its defaulting officers through the e-Adjudication module and also sent by speed post on May 29, 2025. Later, an e-hearing notice dated January 05, 2026, was issued, scheduling a hearing on January 20, 2026.
However, neither the directors nor any authorised representative of the company appeared for the hearing. Despite being informed and directed to attend, no one responded or addressed the matter.
Therefore, the adjudicating officer had no choice but to proceed with an ex-parte order as per Rule 3(11) of the Companies (Adjudication of Penalties) Rules, 2014.
It was also observed that the company does not qualify as a small company under Section 2(85) of the Companies Act, 2013. As a result, ROC imposed a penalty on both the company and its officer in default.