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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 ..... e powers vested to the undersigned under Section 454(1) (3) of the Companies Act, 2013 a penalty of Rs. 10,000/- is imposed on the Company and Rs. 10,000/- is imposed on the Officers in default as mentioned above. Totally Rs.20,000/- as penalty amount for violation of Rule 14(6) of the Companies (Prospectus and Allotment of Securities), Rules, 2014 - The said amount of penalty shall be paid through online by using the website www.mca.gov.in(Misc. head) within 90 days of receipt of this order, and intimate this office with proof of penalty paid. - (B. SRIKUMAR, ICIS) REGISTRAR OF COMPANIES TAMILNADU, CHENNAI. ADJUDICATING OFFICER ORDER 1. Appointment of Adjudicating Officer : The Ministry of Corporate Affairs vide its Gazette Notification ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FO (KMP) 10.03.2017 . 4. Section/Rule and Penal Provision as per Companies Act. 2013 Rule 14(6) of the Companies (Prospectus and Allotment of Securities) Rules, 2014: Private placement. (6) A return of allotment of securities under section 42 shall be filed with the Registrar within fifteen days of allotment in Form PAS-3 and with the fee as provided 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 cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person. 5. Issue of Adjudication Notice : The Ministry vide letter dated 28.06.2023 rejected the form NDH-4 (Form for filing application for declaration as Nidhi and for updation of Status by Nidhi) filed by the company M/s. Soundarambigai Benefit Fund Nidhi Limited Nid (vide SRN: R28895563 Dt 01.01.2020) wherein it was mentioned that the company has not mentioned the complete details in the list of allotees as required in Rule 14(6) of the Companies (Prospectus and Allotment of Securities) Rules, 2014 which reads as follows: A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alties) Rules 2014, the matter is being proceeded with in the absence of such persons (ex-parte). 8. Analysis of Non-compliance of the Companies Act. 2013 and Rules there under: It is noticed that the company has not mentioned the complete details permanent Account Number and E-mail ID of security holder, the class of security held etc, which led to violation of Rule 14(6) of the Companies (Prospectus and Allotment of Securities) Rules, 2014. The company being a Nidhi company does not fall under the definition of small company as per provision of section 2(85) of the companies Act, 2013. Therefore, of imposing the provision lesser penalty as per section 446(b) shall not be applicable in this case. 9. Decision: Having considered the facts an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e with proof of penalty paid. 11. Whereas Appeal against this order may be filed with the Regional Director (SR), Ministry of Corporate Affairs, 5th Floor, Shastri Bhavan, 26 Haddows Road, Chennai - 600006, Tamil Nadu within a period of sixty days from the date of receipt of this order, in Form ADJ [available on Ministry website www.mca.gov.in] setting forth the grounds of appeal and shall be accompanied by a certified copy of this order. [Section 454(5) 454(6) of the Act read with Companies (Adjudicating of Penalties) Rules, 2014]. 12. Your attention is also invited to section 454(8) of the Act in the event of non-compliance of this order, (8)(i) Where company fails to comply with the order made under sub-section (3) or sub-section (7), as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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