In The Matter Of M/s SNFL Cloudtech India Private Limited (“Company”) For The Violation Under Section 56 Of The Companies Act, 2013 (“Act”).

February 21, 2023 by Balaram Adhikari

The Company suo-moto filed an application with the Registrar of Companies, Karnataka (“ROC”). According to the application, the Company allotted 2,23,81,268 equity shares through right-issue offer to its existing shareholders on April 27, 2021. Pursuant to the Act, the Company was required to issue certificates within two months from the date of allotment i.e., June 27, 2021. However, the Company issued equity shares to its shareholders with a delay of 204 days i.e., on January 17, 2022.

After considering the facts and submissions made by the authorized representative(s), the penalty was imposed on the Company and its directors of INR 50,000/- each for the violation of section 56 of the Act.

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Vineet heads Clasis Law and shares his time between the Delhi and Mumbai offices. He has extensive experience working with both Indian and foreign companies, as well as with government authorities.

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