Directors Penalised for Non-Filing of Financial Statements – ROC Bangalore Issues Ex-Parte Adjudication Order

Overview of the Adjudication Order

The Registrar of Companies, Bangalore, exercising powers conferred under Section 454 of the Companies Act, 2013, has issued a penalty order against a private limited company and its officer in default for failing to file financial statements for the Financial Year 2023–24 in contravention of Section 137(3) of the Companies Act, 2013. The order, bearing reference Order ID: PO/ADJ/03-2026/BL/01786, was passed on 24th March 2026 on an ex-parte basis after the company and its directors repeatedly failed to engage with the adjudication process.

Important Note: This order serves as a critical reminder for all private limited companies regarding their statutory obligation to file financial statements within prescribed timelines under the Companies Act, 2013.

Authority and Appointment of the Adjudicating Officer

The adjudicating authority derives its jurisdiction from a Gazette Notification bearing reference S.O. 831(E) dated 24/03/2015, issued by the Ministry of Corporate Affairs. Through this notification, the undersigned was appointed as the Adjudicating Officer under Section 454 of the Companies Act, 2013, read with the Companies (Adjudication of Penalties) Rules, 2014, for the purpose of determining and levying penalties in accordance with the statutory provisions of the Act.

Details of the Company and Officer in Default

Company Information

The adjudication proceedings were initiated in the matter of MINANCE INVESTMENT ADVISORS PRIVATE LIMITED, a company registered under the provisions of the Companies Act, 2013/1956, bearing CIN: U74999KA2017PTC108408. The registered office of the company is situated at:

No. 35/37 (Old No. 598), 11th Main Road, Jayanagar 5th Block, Bangalore, Karnataka – 560041

Officer in Default

The individual named as officer in default in these proceedings is ANURAG BHATIA, holding DIN: 07012878.

Statutory Provisions Attracted

Section 137(3) of the Companies Act, 2013

The core provision under which this penalty has been levied reads as follows: