ROC Bangalore Imposes ₹2.14 Lakh Penalty Under Section 137(3) of Companies Act, 2013 for Non-Filing of Financial Statements

The Registrar of Companies (ROC), Bangalore, has passed an adjudication order penalising a private limited company and its officer in default for failing to file financial statements for the financial year 2020–21. The order, bearing reference Order ID: PO/ADJ/03-2026/BL/01783, was issued on 24th March 2026 under Section 454 of the Companies Act, 2013, for violation of Section 137(3) of the same Act. The total penalty imposed amounts to ₹2,14,400, split between the company and its responsible officer.

Background and Appointment of Adjudicating Officer

The adjudication authority derives its powers from the Ministry of Corporate Affairs' Gazette Notification No. S.O. 831(E) dated 24/03/2015, through which the Registrar of Companies, Bangalore, was formally designated as the Adjudicating Officer. This appointment was made in exercise of powers conferred under Section 454 of the Companies Act, 2013, read with the Companies (Adjudication of Penalties) Rules, 2014, for the purpose of adjudging and imposing penalties under the Act.

Details of the Company and Officer Involved

The subject matter of this adjudication concerns:

  • Company: MINANCE INVESTMENT ADVISORS PRIVATE LIMITED
  • CIN: U74999KA2017PTC108408
  • Registered Office: No. 35/37 (Old No. 598), 11th Main Road, Jayanagar 5th Block, Bangalore, Karnataka – 560041
  • Officer in Default: ANURAG BHATIA (DIN: 07012878)

The company is registered under the provisions of the Companies Act, 2013, and falls under the jurisdiction of the ROC, Bangalore office located at 'E' Wing, 2nd Floor, Kendriya Sadana, Koramangala, Bangalore – 560034.

Section 137(3) – Companies Act, 2013

The provision that forms the crux of this penalty proceeding reads as under:

"If a company fails to file the copy of the financial statements under sub-section (1) or sub-section (2), as the case may be, before the expiry of the period specified therein, the company shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day during which such failure continues, subject to a maximum of two lakh rupees, and the managing director and the Chief Financial Officer of the company, if any, and, in the absence of the managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of fifty thousand rupees."