No Penalty Imposed by ROC After CIRP Compliance Clarification
The Registrar of Companies (ROC), Kolkata, imposed zero penalty on the company named Varutha Developers Private Limited and its directors even after it failed to file financial statements for the financial year 2023-24.
Backstory of the case
The company was alleged to have breached Section 137 of the Companies Act 2013, which mandates that financial statements be submitted to the Registrar within the prescribed time. As per the records, the company failed to file its financial statements for the financial year 2023-24.
The department then issued a show-cause notice. In reply, the company stated that it had been admitted into the Corporate Insolvency Resolution Process (CIRP)…