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TMI Blog2024 (11) TMI 880X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 for adjudging penalties under the provisions of this Act. 2. Company: Whereas the company viz M/s. Soundarambigai Benefit Fund Nidhi Limited with CIN: U65999TN2017PLC115408 (herein after referred as company' or 'subject company') is a registered company with this office under the Companies Act, 2013 having its registered office as per MCA21 Registry at No.7/11A, East Mada Street, Kovur, Kancheepuram, Chennai-600128. The financial & other details of the subject company as available on MCA-21 portal is stated as under: S. No. Particulars Details 1. Company's Status Active 2. Filing Position Financial Statement: Up to 31.03.2023 3. Paid up Capital Annual Return: Up to 31.03.2023 a. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) A company may, subject to the provisions of this section, make a private placement of securities. (2) A private placement shall be made only to a select group of persons who have been identified by the Board (herein referred to as "identified persons"), whose number shall not exceed fifty or such higher number as may be prescribed [excluding the qualified institutional buyers and employees of the company being offered securities under a scheme of employees stock option in terms of provisions of clause (b) of sub-section (1) of section 62, in a financial year subject to such conditions as may be prescribed. Section 450. Punishment where no specific penalty or punishment is provided: If a company or any officer of a company or any other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided in the Companies (Registration Offices and Fees) Rules, 2014 along with a complete list of all the allottees containing- (i) the full name, address, Permanent Account Number and E-mail ID of such security holder; (ii) the class of security held; (iii) the date of allotment of security ; (iv) the number of securities held, nominal value and amount paid on such securities; and particulars of consideration received if the securities were issued for consideration other than cash. This results into violation of Rule 14(6) of the Companies (Prospectus and Allotment of Securities) Rules, 2014. After that the Adjudicating Authority had issued Adjudication Notice No. ROC/CHN/SOUNDRAMBIGA1/ADJ/2023 dt 31.08.2023 to the company. 6. Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nies Prospectus and Allotment of Securities), Rules, 2014. Accordingly, I am inclined to impose a penalty as prescribed under Section 450 of the Companies Act, 2013. The details of the penalty imposed on the Company and Officers in default are shown in the table given below: Name of company/person on whom penalty imposed No of days of default Penalty for default (Rs) Maximum Limit for penalty (Rs) Penalty Imposed M/s Soundarambigai Benefit Fund Nidhi Limited One time Rs. 10,000/ - + Rs. 1000/- per day in case of Continuing Contravention Rs.2,00,000/- Rs.10,000/- Mr. Kanniahreddiar Chandrasekaran One time Rs. 10,000/- + Rs.1000/-per day in case of Continuing Contravention Rs.50,000/- Rs.10,000/- There ..... X X X X Extracts X X X X X X X X Extracts X X X X
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