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Registrar of Companies (ROCs) were directed to examine documents under Section 234 of the Companies Act, 1956 in the year 2010. ROCs examined documents of the companies located within their jurisdictions and certain violations of the provisions of the Companies Act, 1956 were noticed in some cases as per details in Annexure.
ROC, Mumbai has received a complaint dated 16.06.2015 against Indiawin Sports Pvt. Ltd. about not providing certified copies of the Register of Members and Annual Returns on which action is to be taken as per the provisions of Law.
Annexure
Sl. No. | Name of the owner of the IPL Team | Violations of the Provisions of Companies Act, 1956. | Status in respect of scrutiny of documents under Section 234 of the Companies Act, 1956 ordered in April, 2010. |
1. | Indiawin Sports Pvt. Ltd.
| 23
| For non-compliance of Section 23 of the Companies Act, 1956 relating to signing of the franchisee agreement in the erstwhile name, i.e., Rathipriya Trading Pvt. Ltd. on 10.04.2008, the company was warned to be careful. |
2. | Royal Challengers Sports Pvt. Ltd. |
| No contravention of the Companies Act, 1956 was noticed. |
3. | Deccan Chargers Sporting Ventures Ltd.
|
| Deccan Chargers IPL Team was initially owned by Deccan Chargers Sporting Ventures Ltd., which was a wholly owned subsidiary of Deccan Chronicle Holdings Ltd. On scrutinising the balance sheet of Deccan Chargers Sporting Ventures Ltd., no violations of the provisions of Companies Act, 1956 were noticed. |
4. | India Cement Ltd.
| 217(2A) | On scrutinising the balance sheet of the company, violation of Section 217(2A) of the Companies Act, 1956, relating to not furnishing the particulars of employees in the Director’s Report was noticed and the company was warned. Subsequently, books of account of India Cement Limited were inspected under Section 209A of the Companies Act, 1956. The inspection report is under examination. |
5. | GMR Sports Pvt. Ltd. |
| The report of the ROC is under examination. |
6. | KPH Dream Cricket Pvt. Ltd.
| 159, 220 | Prosecution was filed for non- filing of balance sheet and annual return for the year 2008-09 and the offences have been compounded vide Company Law Board’s order dated 11.05.2011. |
7. | Knight Riders Sports Pvt. Ltd. | 383A and 211 | Prosecution was filed for violations of Sections 383A and 211 of the Companies Act, 1956. The said offences were compounded by Company Law Board. |
8. | Jaipur IPL Cricket Pvt. Ltd.
| 297, 301 | Prosecutions were filed for violations of Sec. 297 and 301 of the Companies Act, 1956. The company filed compounding applications for the said violations. |
9. | Sahara Adventure Sports Ltd. |
| No violations of the provisions of the Companies Act, 1956 were noticed. |
This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha.
Companies Act compliance: scrutiny uncovered filing and disclosure failures, prompting inspections, prosecutions, warnings and compounding. Registrar of Companies scrutiny of corporate records identified deficiencies including failure to provide certified registers and annual returns, incorrect execution of franchise agreements in a previous corporate name, omissions in employee particulars in Directors' Reports, and non filing of balance sheets and annual returns; regulatory responses included warnings, statutory inspection of books of account, prosecutions for non filing, and compounding or filing of compounding applications, while some entities were found compliant. of Press 'Enter' after typing page number.
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