😱 “56 Days Late… ₹1.16 Lakh Penalty Shocks Directors!”

😱 A 56-day delay in filing PAS-3 has cost Game Changers Texfab Limited and its directors a ₹1.16 lakh penalty! The Registrar of Companies (ROC), Delhi has taken strict action under Section 42(9) of the Companies Act, 2013, proving once again that even a small delay can turn into a massive penalty.

In this detailed video, we break down:
✅ What Section 42 of the Companies Act says about Private Placement.
✅ The 15-day timeline for filing Return of Allotment (e-Form PAS-3).
✅ How ROC calculated the penalty of ₹56,000 for the company and ₹60,000 on directors.
✅ Why the company’s claim of “Small Company” benefit under Section 446B was rejected.
✅ Why directors were held personally liable despite appointing an Officer-in-Default (OID).
✅ Lessons every company and director must learn from this case.

⚠️ Key Takeaway: Compliance delays are costly. Directors must act responsibly, as ignorance of law is no excuse.

📖 Legal Provisions Covered:

Section 42(8) & 42(9) – Private Placement & Penalties

Section 446B – Lesser Penalties for Small Companies

Section 454 – Adjudication of Penalties

Officer-in-Default Rules under the Companies Act

📌 If you’re a Company Secretary, Director, Compliance Officer, or a Law Student, this video is a must-watch to avoid such pitfalls in corporate compliance.

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Видео 😱 “56 Days Late… ₹1.16 Lakh Penalty Shocks Directors!” канала RR Corporates