ROC Pune has penalized a company for a 46-day delay in submitting e-Form PAS-3, emphasizing strict compliance with the filing timelines under Section 42 of the Companies Act.
Penalty Imposed for Delayed Filing of PAS-3
In a recent order, ROC Pune has slapped penalties on a company and its directors for not filing e-Form PAS-3 related to private placement allotments within the stipulated timeframe, resulting in a significant 46-day delay. This falls under Section 42(8) of the Companies Act.
The authority clarified that such delays warrant a separate penalty under Section 42(9), reinforcing the importance of adhering to statutory filing deadlines to avoid punitive measures.
This ruling serves as a crucial reminder for compliance officers and corporate counsel to ensure timely filings, as non-compliance can lead to financial liabilities for both the company and its directors.
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