ADJUDICATION ORDER IN THE MATTER OF FCS MACHINERY (INDIA) PRIVATE LIMITED in respect of non-appointment of full time Company Secretary
It is observed that the company was incorporated on 09.08.2019 and paid up Share Capital ofthe company from its inception was Rs. 8,75,00,000.
→However, the Company had failed to appoint FULL TIME QUALIFIED COMPANY SECRETARY
during the period from 7.02.2020 to 31.03.2020 as per the requirement of Section 203 read with Rule gA of the Companies [Appointment and Remuneration of Managerial personnel) Rules, 2014.
→ w.e.f 01.04.2020 the paid up capital requirement to appoint CS was increased from 5Cr to 10Cr
→ Company Secretary in Practice appeared without proper Authorization, Rure 3 0f the compinies of Adjudication of penalties’ Rules 2014
→ The matter is being proceed a with the absence of any Authorised representative/persons of the company. However, reply of the company has cognizance to adjudicate the matter.
→ Penalty of Rs 8,00,000 imposed for Non Appointment of CS 5 lakh on Company and 1 lakh each on 3 Directors.
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