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No Penalty Shall Be Imposed For Failure To File Annual Return If The Company Has Filed Return Before Issuance Of Notice
Company Law
CA. Kavit Vijay

No Penalty Shall Be Imposed For Failure To File Annual Return If The Company Has Filed Return Before Issuance Of Notice

Held by Office of Registrar of Companies, Mumbai In the matter of M/s Arrow Electronics India Private Limited Summary M/s Arrow Electronics India Private Limited (“The Company”) failed to file its Annual return for FY 2018-19, 2019-20, 2020-21 and 2021-22 in accordance with Section 92(4) of the Companies Act. The Company filed an application for adjudication of violation of provisions of Section 92(4) of Companies Act. The Hon’ble RoC, Mumbai held that the Company has filed all its pending annual return before the issuance of notice by the adjudicating officer. Therefore, in accordance with proviso to Section 454(3) of Companies

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15/07/2024
RoC, Puducheery imposed penalty of INR 15 Lacs on private company on delay in appointment of whole time company secretary
Company Law
CA. Kavit Vijay

RoC, Puducherry Imposed Penalty of INR 15 Lacs On Private Company On Delay in Appointment Of Whole Time Company Secretary

Held by Office of the Registrar of Companies, Puducherry In the matter of M/s Siva Valli Vilas Jewellers Private Limited M/s Siva Valli Vilas Jewellers Private Limited (“The Company”) is having registered office in the state of Pondicherry. The Company was having paid up share capital of INR 20.42 crores. The Company appointed a whole time Company secretary in practice on 4th January, 2021 and he moved out of the company with effect from 1st April, 2021. As per provisions of Section 203(4) of Companies Act read with Rule 8A of Companies (Appointment and Remuneration of Managerial Personnel) Rules. 2014,

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15/07/2024
RoC, Chennai imposed penalty on the Company for failure to File form CHG-1 for registration of Charge
Company Law
CA. Kavit Vijay

RoC, Chennai imposed penalty on the Company for failure to File form CHG-1 for registration of Charge

M/s Shinago International (India) Private Limited (“The Company”) has obtained a car loans and disclosed the same in Financial statement of FY 2017-18. However, on investigation it was found that the company failed to file the Form CHG-1 for registration of charges. As per Section 77 of Companies Act, 2013, every company is required to register charge within 30 days of its creation.

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25/06/2024
ISFCA facilities investment by NRI or OCIs into Indian securities through schemes/ funds launched by FMEs in IFSC
Direct Taxation
CA. Kavit Vijay

ISFCA facilities investment by NRI or OCIs into Indian securities through schemes/ funds launched by FMEs in IFSC

Government is making all the efforts to promote the GIFT CITY of India, i.e., International Financial Service Centres (IFSC). Alternatives routes and methods are prescribed for the NRIs to make investment in IFSC. For this purpose, the International Financial Services Centre Authority (Fund Management) Regulations, 2022 (“The Regulations”) is formed by the International Financial Services Centre Authority (IFSCA). The Regulations are made in exercise of power given under IFSCA Act, 2019 and Securities and Exchange Board of India Act, 1992.

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04/06/2024
Investment in shares of Indian Company by Foreign Company shall not be considered as Income
Direct Taxation
CA. Kavit Vijay

Investment in shares of Indian Company by Foreign Company shall not be considered as Income

The Petitioner is a foreign company and remitted INR 1,50,00,000 to its wholly owned subsidiary company for issuance of shares. Since the petitioner has not earned any income in India during the year therefore, the petitioner did not file any return of Income in India. The petitioner received the notice of income escaping assessment alleging such amount has Income which has escaped assessment.

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21/05/2024
MCA imposed whopping penalty of INR 18.58 Lakhs for not filing form MSME-1
Business Advisory & Consulting
CA. Kavit Vijay

MCA imposed whopping penalty of INR 18.58 Lakhs for not filing form MSME-1

MSME-1 is a form which is required to be filed by every company disclosing balance outstanding to MSME entities on a specified date beyond the period of 45 days, period of delay and reason of delay. Now, the MCA has initiate to take rigrous action against the company or officers in default who have done any non-compliance under Companies Act. 

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13/05/2024
Period of Limitation u/s 143(2) shall be computed from date of original return and from defect removal date
Direct Taxation
CA. Kavit Vijay

Period of Limitation u/s 143(2) shall be computed from date of original return and from defect removal date

The Assessee filed the Income Tax return on 28.07.2017. Notice for defective return was issued to the Assessee on 06.07.2018 and such defect was rectified on 19.08.2018. Therefore, the return got processed under Section 143(1)(a) of Income Tax Act and corresponding refund was also issued. Later, notice was issued under section 143(2) of the act on 22nd September, 2019. The Assessee challenged the validity of Assessment framed under Section 143(2) contended that notice was issued beyond period of limitation. The Assessee contended that The limitation for issuance of notice u/s 143(2) of the Act was not to be determined from the date/end of the financial year in which the defect was rectified. Rather the same should be determined from the date/end of financial year when the original return of income was filed. 

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13/05/2024
MCA imposed Penalty for failure to issue and transfer shares in Demat form
Company Law
CA. Kavit Vijay

MCA imposed Penalty for failure to issue and transfer shares in Demat form

As per Section 29(1A) of Companies Act read with Rule 9A of The Companies (Prospectus and Allotment of Securities) Rules, 2014, every unlisted public company shall ensure that before issuance of any securities entire holding of securities of its promoters, directors, key managerial personnel has been dematerialised in accordance with provisions of the Depositories Act 1996. Further,  every shareholder of an unlisted public company is required to dematerialise its securities before transfer, if such transfer is made on or after 2nd October, 2018.

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23/04/2024
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