In the present case, the Company and its directors filed an adjudication application with the Registrar of Companies, NCT of Delhi & Haryana (“ROC”) for the non-compliance made under section 42 of the Act with respect to delayed filing PAS-3 form i.e., return of allotment.
According to the facts, the Company had issued compulsory convertible preference shares on various dates under section 42 read with section 55 of the Act and it failed to file form PAS-3 with ROC within 15 days of each allotment. After considering the adjudication application, the ROC issued a show cause notice to the Company and its officer in default. In response to the notice, they submitted that the delay in filing of e forms PAS -3 was done inadvertently and without any willful or mala fide intention.
ROC concluded this matter by imposing the total penalty of INR 1,11,000/- each on the Company and its officers in default for violation of section 42 of the Act as total penalty for delayed filing of e-form on six instances.
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