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September 2024

Part A : Company Law

By Pramod Prabhudesai, Chartered Accountant
Kaushik M. Jhaveri, Company Secretary
Reading Time 4 mins

In the Matter of M/s Bluemax Capital Solution Private Limited

Registrar of Companies, Chennai

Adjudication Order— ROC/CHN/BLUEMAX/ ADJ/S.134/2024

Date of Order: 30th April, 2024

Adjudication Order on Company and its director for non-disclosure of related party transaction which amounts to violation of the provisions of Section 134(3) (i) of the Companies Act, 2013, and penalty was imposed as per Section 134(8) of the Companies Act, 2013.

FACTS

Based on the Inspection of books and accounts of M/s BCSPL carried out under Section 206(4) of the Companies Act, 2013 by Officer authorized by the Central Government it was observed that — The particulars of contracts or arrangements with related parties referred to in Section 188(1) had to be mentioned in form AOC-2, but in the Directors Report for the Financial years ended 2015–16,2016–17,2017–18 it was mentioned that ‘The Company did not make any related party transaction during the financial year’. So Form AOC-2 was not applicable to the “Company" and consequently no particulars in Form AOC-2 were furnished.

However, in the Balan

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