ROC Cuttack Slaps Penalty for Non-Filing of Financial Statements for FY 2020-21

The Registrar of Companies, Cuttack has issued an adjudication order dated 30 June 2026 under Section 454 of the Companies Act, 2013 imposing monetary penalties on DP FINANCIAL CORPORATION OF INDIA LIMITED and its officers for failure to file financial statements for the financial year ending 31 March 2021. The order highlights strict enforcement of Section 137(1) and Section 137(3) of the Act, particularly where there is prolonged and continuing default despite statutory notices and opportunities of hearing.

This order serves as a clear reminder that non-filing or delayed filing of financial statements with the ROC is treated as a serious compliance lapse, attracting automatic penalties calculated for each day of continuing default, subject to statutory caps.

Background and Appointment of Adjudicating Officer

The proceedings arise from the powers conferred on the adjudicating authority under Section 454 of the Companies Act, 2013. By Gazette Notification No. S.O. 698(E) dated 10/02/2026, the Ministry of Corporate Affairs appointed the Registrar of Companies, Cuttack as the Adjudicating Officer for imposing penalties under various provisions of the Act, read with the Companies (Adjudication of Penalties) Rules, 2014.

In exercise of these powers, the Adjudicating Officer examined the compliance status of DP FINANCIAL CORPORATION OF INDIA LIMITED in relation to filing of its financial statements for the financial year 2020-21 and initiated adjudication proceedings upon noticing default.

Company and Officer Details

The proceedings pertain to:

  • Company: DP FINANCIAL CORPORATION OF INDIA LIMITED

    • CIN: U65999OR2010PLC012736
    • Registered office: PLOT NO-1958/4083, FIRST FLOOR CHINTAMANISWAR AREA NA BHUBANESWAR KHORDHA ORISSA INDIA 751006

  • Officers in default involved in the adjudication:

    • DEBASIS PANDA (DIN 02820448)
    • PRAKASH KUMAR SETHI (DIN 02820459)
    • ALOK KUMAR SAHOO (DIN 03266005)

These individuals were treated as officers in default for the purpose of imposition of penalty under Section 137(3).

Statutory Requirement Under Section 137(1)

Section 137(1) of the Companies Act, 2013 mandates that every company must file a copy of its financial statements (including consolidated financial statements, if applicable), duly adopted at the annual general meeting, with the Registrar within the prescribed time. For most companies, the due date is 30 days from the date of the AGM, and failure to adhere to this is treated as a statutory non-compliance.

In the present matter, the due date for filing the financial statements for the year ending 31.03.2021 was considered as 31.10.2021.