Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

June 2024

Part A | Company Law

By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
Reading Time 5 mins

4 In the Matter of M/s MITHLANCHAL PROFICIENT NIDHI LIMITED (MPLNL)

Registrar of Companies, Bihar

Adjudication Order No. ROC/PAT/Sec.143/19970/1918

Date of Order: 12th March, 2024

Adjudication Order against “Auditor” of the Company for failure to report violations / non-compliance made by the Company in its Audit Report under Section 143(3)(e) and Section 143(3)(j) of the Companies Act, 2013.

FACTS

Registrar of Companies, Bihar (“ROC”) observed non-compliance in the audited financial statements (based on the records on MCA Portal in the E-form AOC-4 filed by MPNL for the financial year ending on 31st March, 2017, 31st March, 2018 and 31st March, 2019). The Chartered Accountant Mr. VP was the auditor of MPNL during these financial years.

It was observed that MPNL while preparing the financial statements has contravened the provisions of Schedule III, Section 129 and Section 133 of the Companies Act, 2013 read with Accounting Standard-3. Further, Mr. VP the auditor of MPNL had not made any comments or not reported such non-compliance of MPNL in its Audit Report, leading to a violation

Read More
Download PDF

You May Also Like

Disallowance provision in section 143(1)(a)(v), introduced by the Finance Act, 2021, w.e.f. 1st April, 2021, dealing with deductions claimed under Chapter VI-A applies with prospective effect.

Where refund arising consequent to granting MAT credit is more than 10 per cent of the total tax liability and is out of TDS and the return of income has been filed by due date mentioned in section 139(1), assessee is entitled to interest u/s 244A from the first day of the assessment year though the claim of MAT credit was made much later in a rectification application filed. Interest on unpaid interest also allowed.