2024 (11) TMI 880

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.... (Adjudication of Penalties) Rules, 2014 for adjudging penalties under the provisions of this Act. 2. Company:  Whereas the company viz M/s. Soundarambigai Benefit Fund Nidhi Limited with CIN: U65999TN2017PLC115408 (herein after referred as company' or 'subject company') is a registered company with this office under the Companies Act, 2013 having its registered office as per MCA21 Registry at No.7/11A, East Mada Street, Kovur, Kancheepuram, Chennai-600128. The financial & other details of the subject company as available on MCA-21 portal is stated as under: S. No. Particulars Details 1. Company's Status Active 2. Filing Position Fina....

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....he class of security held; (iii) the date of allotment of security ; (iv) the number of securities held, nominal value and amount paid on such securities; and particulars of consideration received if the securities were issued for consideration other than cash. Section 42. Offer or Invitation for Subscription of Securities on private Placement. (1) A company may, subject to the provisions of this section, make a private placement of securities. (2) A private placement shall be made only to a select group of persons who have been identified by the Board (herein referred to as "identified persons"), whose number shall not exceed fifty or such higher number as may be prescribed [excluding the qualified institutional buyers and e....

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....mentioned that " the company has not mentioned the complete details in the list of allotees as required in Rule 14(6) of the Companies (Prospectus and Allotment of Securities) Rules, 2014 which reads as follows: A return of allotment of securities under section 42 shall be filed with the Registrar within fifteen days of allotment in Form PAS-3 and with the fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 along with a complete list of all the allottees containing- (i) the full name, address, Permanent Account Number and E-mail ID of such security holder; (ii) the class of security held; (iii) the date of allotment of security ; (iv) the number of securities held, nominal value and amount paid on suc....

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.... under the definition of small company as per provision of section 2(85) of the companies Act, 2013. Therefore, of imposing the provision lesser penalty as per section 446(b) shall not be applicable in this case. 9. Decision: Having considered the facts and circumstances of the case and after taking into account it is concluded that the company and directors have violated Rule 14(6) of (Companies Prospectus and Allotment of Securities), Rules, 2014. Accordingly, I am inclined to impose a penalty as prescribed under Section 450 of the Companies Act, 2013. The details of the penalty imposed on the Company and Officers in default are shown in the table given below: Name of company/person on whom penalty imposed No of....