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February 2023

CORPORATE LAW CORNER PART A : COMPANY LAW

By Pramod Prabhudesai, Chartered Accountant
Kaushik M. Jhaveri, Company Secretary
Reading Time 6 mins
15 Hydro Prokav Pumps India Pvt Ltd ROC/CBE/A.O./10A/9881/2022 - Office of the Registrar of Companies, Tamil Nadu-Coimbatore Adjudication order Date of Order: 10th October, 2022 Adjudication order: Penalty for violation of not attaching notes to the financial statements which is the mandatory requirement as per section 134 (7) (a) of the Companies Act, 2013. FACTS HPPIPL was having its registered office at Coimbatore in the state of Tamil Nadu. HPPIPL realised that the financial statements along with the Director’s report filed with the Office of the Registrar of Companies, Tamil Nadu-Coimbatore (‘RoC’) for the financial years ended as on 31st March, 2017, 31st March, 2018, 31st March, 2019, 31st March, 2020 and 31st March, 2021 did not contain the notes to the financial statements which is a mandatory requirement as per section 134 (7) (a) of the Companies Act, 2013. Thereafter, HPPIPL and its directors filed a suo-moto application before the office of the Registrar of Companies, (‘RoC’) for Adjudication of the penalty for violation of provisions of Section 134 of the Companies Act, 2013. Provisions of Sub-section (7) of Section 134 of the Companies Act, 2013; A signed copy of every financial statement, including consolidated financial statement, if any, shall be issued, circulated or published along with a copy each of:- (a) Any notes annexed to or forming part of such
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