NAVCOM Industries Limited was recently hit with a hefty fine of Rs. 4.5 lakh by the Ministry of Corporate Affairs (MCA) for breaking Section 88 of the Companies Act, 2013. A December 20, 2023 adjudication order, ROCP/ADJ/order/88 /23-24/NAVCOM/2313 to 2317, describes the specifics and repercussions of the company’s inability to keep a membership register.
For breaking Section 88 of the Companies Act of 2013, NAVCOM Industries Limited was recently hit with a hefty fine of Rs. 4.5 lakh by the Ministry of Corporate Affairs (MCA). The specifics and repercussions of the company’s inability to keep a register of members are outlined in the adjudication decision, ROCP/ADJ/order/88 /23-24/NAVCOM/2313 to 2317, dated December 20, 2023.
Based in Solapur, Maharashtra, NAVCOM Industries Limited is regulated by the Companies Act. It is determined that the company’s failure to keep a member register violates Section 88.
NAVCOM Industries Limited and its officers are penalised by the adjudicating officer for violating Section 88. The Companies (Adjudication Of Penalties) Rules, 2014 govern penalties.
The amount of NAVCOM Industries Limited is Rs. 3,00,000.
the amounts of Pravin Surajmal Lunkad
Sachin Ashok Gaikwad.
Santosh Ganpati Jadhay are each Rs. 50,000.
The Ministry of Corporate Affairs webpage is where the penalty must be paid.
Within sixty days of obtaining the order, businesses and individuals may file an appeal by following the prescribed procedures.
According to Section 454(8)(ii) of the Companies Act, there may be additional repercussions for failure to make payment within the allotted time.
A copy of the order is forwarded to the Ministry of Corporate Affairs, the Regional Director (Western Region), directors/officers in default, and NAVCOM INDUSTRIES LIMITED.
The fine levied against NAVCOM Industries is a stark reminder of how crucial compliance with regulations is. The Companies Act must be followed by companies and their officers, and breaking the law can have serious financial consequences. The appeals procedure offers a channel for settlement, highlighting the necessity of prompt responses and remedial measures.