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November 2024

Part A | Company Law

By Pramod Prabhudesai, Chartered Accountant | Kaushik M. Jhaveri, Company Secretary
Reading Time 3 mins

9. M/s Martin Realty Private Limited

Registrar of Companies, Coimbatore

Adjudication Order No. ROC/CBE/A.O/ 179/13718/2024

Date of Order: 28th March 2024

Adjudication order for violation of Section 179 of the Companies Act 2013 read with Companies (Adjudication of Penalties) Rules 2014:

Company and its Directors fail to exercise power of the Board at the meeting of the Board by way of passing a resolution thereto for grant of loans or give guarantee or provide security in respect of loans.

FACTS

A transaction was done by M/s MRPL (Company) amounting to ₹1,30,15,000 with M/s ABT. However, the payment was wrongly done by the Company instead of transaction to be done by Mrs LR. The amount was repaid by Mrs LR on the same day to M/s MRPL when the error was observed. However, as per the provisions of section 179(3)(f) of the Companies Act 2013, M/s MRPL was required to obtain specific resolution of the Board before entering into such transaction at its Board Meeting. However, M/s MRPL had failed to obtain such specific approval. Upon realisation, M/s MRPL filed a su

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