ROC Cuttack Adjudication Order: DP Financial Corporation of India Limited Penalised for Non-Filing of Financial Statements
Background and Overview
The Registrar of Companies, Cuttack, exercising adjudicatory authority under Section 454 of the Companies Act, 2013, issued an adjudication order bearing Order ID PO/ADJ/06-2026/CT/02318, dated 30 June 2026, against DP Financial Corporation of India Limited and its officers in default. The penalty was levied for contravention of Section 137(3) of the Companies Act, 2013, arising from a persistent failure to comply with the mandatory filing obligations prescribed under Section 137(1) of the same Act.
The default in question relates to the non-filing of financial statements for the financial year ending 31 March 2017 — a lapse that remained unaddressed for nearly nine years from the prescribed due date of filing.
Details of the Company and Officers Involved
Company Information
| Field | Details |
|---|---|
| Company Name | DP Financial Corporation of India Limited |
| CIN | U65999OR2010PLC012736 |
| Registered Office | Plot No. 1958/4083, First Floor, Chintamaniswar Area, Bhubaneswar, Khordha, Odisha – 751006 |
Officers in Default
The following individuals were identified as officers in default and were made parties to the adjudication proceedings:
- Debasis Panda (DIN: 02820448)
- Prakash Kumar Sethi (DIN: 02820459)
- Alok Kumar Sahoo (DIN: 03266005)
Appointment of the Adjudicating Officer
The Ministry of Corporate Affairs, through Gazette Notification No. S.O. 698(E) dated 10 February 2026, appointed the undersigned as the Adjudicating Officer in exercise of powers conferred by Section 454 of the Companies Act, 2013, read with the Companies (Adjudication of Penalties) Rules, 2014. The adjudicating officer was empowered to inquire into violations and impose financial penalties as prescribed under the Act.
Applicable Legal Provisions
Section 137(1) – Companies Act, 2013
Section 137(1) of the Companies Act, 2013 mandates that every company must file a copy of its financial statements, including consolidated financial statements where applicable, with the Registrar of Companies within thirty days from the date on which they were adopted at the Annual General Meeting, along with all documents required to be attached thereto.
Section 137(3) – Penalty for Non-Compliance
The penal consequences for failing to comply with Section 137(1) are set out under Section 137(3), which reads as follows: