MCA Fines Company and Directors Rs. 2 Cr for Failing to Provide Payment Details and Information of Forfeiture of Shares, Violating 42(6) Forfeiture of Shares [Read Order]

The Company was directed to refund all monies to the complainants along with interest of 12% per annum as per provisions of 42(6) of the Companies Act.
By Navasree A.M - On May 28, 2024 1:48 pm - 2 mins read
MCA - Ministry of Corporate Affairs - MCA Fines - Violating 42(6) Companies Act - MCA Fines Company - TATA commercial Vehicles - taxscan

The Ministry of Corporate Affairs ( MCA ) imposed fine on the dealer of TATA commercial Vehicles M/s Excel vehicles Private Limited and its directors with Rs. 2 crores for failing to submit the mode of payment or source of payment, information about the forfeiture/ notice of forfeiture of shares. An inquiry under Section 206(4)…

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