Gujarat ROC penalty order for non certification of MGT- 7 by Practising Company Secretary in the matter of Mr. Parag Sheth, Liquidator of M/s Maxroth Impex Pvt. Ltd. (Order dated 17th Jan 2022)

As per Section 92 (1) Every company  shall prepare a return (hereinafter referred to as the annual return) in the prescribed form containing the particulars as they stood on the close of the financial year  regarding—………signed by a director and the company secretary, or where there is no company secretary, by a  company secretary in practice.

Section 450. Punishment where no specific penalty or punishment is provided

If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person.