Penalty on Directors of Companies

24-7-2015

Contents

Information pertaining to imprisonment/penalization of directors of companies having turnover of more than ₹ 50 crore annually, in the year 2014-15 is as under:

S. No.	Name of Company	Name of the Directors	Section of Companies Act, 1956 violated	Penalty levied	Status of the case
1.	M/s XRBIA DEVELOPERS LIMITED	Dilip Ramkrishna Khapre, Manoj Kumar Murlidhar Kamble	159, 220(3)	Total ₹ 3000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in two cases)	Action Completed
2	M/s BORACHEM INDUSTRIES LIMITED	Suresh Kanayalal Raka, Ashok Namdevrao Rukari, Omprakash Pattnayak	159, 220(3)	Total ₹ 4000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in two cases)	Action Completed
3	M/s LI TAKA PHARMACEUTICALS LIMITED	Pravin Kumar Kantilal Mutha, Suresh Kanayalal Raka, Cajetan Valerian Dsouza, Omprakash attanayak	159, 220(3)	Total ₹ 5000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in two cases)	Action Completed
4	M/s SIDHANATH SUGAR MILLS LIMITED	Dilip Bramhadeo Mane	220(3)	Total ₹ 1000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in this case)	Action Completed
5	M/s PEGASUS HEALTHCARE LIMITED	Rajendra Chhotubahi Kapadia, Suresh Kanayalal Raka, Cajetan Valerian Dsouza	159, 220(3)	Total ₹ 4000/- fine (Rs.500/- fine imposed on each director apart from fine on the company in two cases)	Action Completed
6	M/s ATIBAR INDUSTRIES COMPANY LTD	Shri Samir Kumar Sarawgi, Managing Director, Shri Bibhu Prasad Bhoi, company secretary	220	Total ₹ 4500/- fine (Rs1500/- fine imposed on each Managing Director and Company Secretary apart from fine on the company)	Action Completed
7	M/s SCL STEEL CORPORATION LIMITED	Avijit Chakraborty, Manas Kumar Dan, Prasanta Chatterjee, Joy deb Biswas	56(3), 60B/629A, 67 (1) & (2) /629A and 68	Total ₹ 1,95,000/- fine (Rs.39,000 fine imposed on each Director apart from fine on the Company)	Action Completed
8	M/s MAN STRUCTURALS PRIVATE LIMITED	Kishore P. Rungta, Managing Director	58A (1) & 58A(2) read with 58A(6)	Fine of ₹ 1,89,31,294/-, ₹ 76,74,525/-, ₹ 12,59,131/- for the years 1996-97, 1997-98, 1998-99 respectively imposed on the company. Further, the Managing Director of the company was convicted for a period of two year simple imprisonment and a fine of ₹ 5000/- was imposed on him	The Company and Managing Director have filed an appeal before the Appellate Court which is pending.
9	LAKHANI INDIA LIMITED	Amarjeet Kalra Whole Time Director, Arun Virmani, Company Secretary	159/220	Total ₹ 20000/- fine (Rs.10000 each on whole time Director and Secretary)	Case in respect of one of the directors, Shri Parmeshwar Dyal Lakhani, has been consigned to record by the Court as the Court has declared him a Proclaimed Offender.
10	SATYAM COMPUTER SERVICES LTD.	Ramalinga Raju, B. Ramaraju, V. Srinivas	309(1) & 628	Fine of ₹ 5 lakh each and in default of paying fine, simple imprisonment of 6 months each	All the four directors convicted have gone in appeal.
		Ramalinga Raju, B. Ramaraju, Srinivas, Mynampati	211(7) & 628	Simple Imprisonment of 6 months for each accused and Fine of ₹ 10,000, and in default of paying fine, simple imprisonment of 1 month each
		Ramalinga Raju, B. Ramaraju, Srinivas, Mynampati	211 & 628	Simple Imprisonment of 6 months for each accused and Fine of ₹ 10,000, and in default of paying fine, simple imprisonment of 1 month each
		Ramalinga Raju, B. Ramaraju, Mynampati	217 (2a) & 628	Simple Imprisonment of 6 months for each accused and Fine of ₹ 20,000/- and in default of paying fine, simple imprisonment of 1 month each
		Ramalinga Raju, B. Ramaraju, Srinivas	211 (1) & (2) & 628	Simple Imprisonment of 6 months for each accused and Fine of ₹ 10,000/- and in default of paying fine, simple imprisonment of 1 month each.
		Ramalinga Raju, B. Ramaraju, Mynampati	220 (1) & 628	Fine of ₹ 5 lakh and in default of paying fine, simple imprisonment of 6 month each.
11.	JVG GROUP COMPANIES				The matter is still pending against Mrs. Namrata Krishan, Director who has been declared as Proclaimed offender by the court. Another Director Sh. D K Aggarwal is no more. Proceedings against another Director Sh. Vijay Kumar Sharma have been dropped.
	JVG HOLDINGS	Upender Singh	159 r/w 220	Fine of ₹ 10, 000
		S.L. Maloo	217 (5)	Fine of ₹ 10, 000
	JVG HOTELS	S.L. Maloo	217 (5)	Fine of ₹ 10, 000
	JVG STEEL	S.L. Maloo	215	Fine of ₹ 10, 000
	JVG HOUSING FINANCE	S.L. Maloo	159/220 (1)	Fine of ₹ 10, 000 for non-filing of balance sheet as at 31.3.2007
		S.L. Maloo	159/220 (1)	Fine of ₹ 10, 000 for non-filing of balance sheet as at 31.3.2006.