India – In The Matter Of M/s Michelin India Technology Center Private Limited (“Company”) For The Violation Of Section 134(3)(F) Of The Companies Act, 2013 (“ACT”).

February 21, 2023

February 21, 2023 by Balaram Adhikari

In the present case, the Regional Director Southern Region, Chennai observed that the Company had not provided explanation for the adverse comments made by the Statutory Auditors in their Audit report. Pursuant to section 134(3)(f) of the Act, the Statutory Auditors reported deficiencies in the internal financial control and also reported that the Company was unable to provide appropriate audit evidence to the auditors, which was not in compliance of section 128 of the Act. The Board of Directors failed to explain the deficiencies reported by the auditors.

Basis the direction by RD, the Registrar of Companies, Tamil Nadu (“ROC”), issued show cause notice and during hearing, the authorized representative admitted the default. ROC concluded the matter by imposing a penalty of INR 3,00,000/- on the Company and INR 50,000/- on the officer in default.

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