Key Quantitative Figures
- Total penalty on the Company: ₹1,88,000
- Penalty on each erstwhile officer-in-default: ₹50,000
Dates of Action
- Date of the ROC order: September 17, 2026
- Date of receipt of the order: September 17, 2026 (implied)
- Date of disclosure to exchanges: September 18, 2026
- Tenure of Dr. Sanjeev Kumar Panchal as Managing Director: January 1, 2023 to June 30, 2025
- DIN activation date: August 2023
Parties Involved
- Issuing Authority: Registrar of Companies (ROC), Bengaluru, Karnataka
- Individuals: Dr. Sanjeev Kumar Panchal (erstwhile Managing Director) and other erstwhile officers-in-default
Purpose and Details of Violation
The penalty was imposed for a violation of Section 201 of the Companies Act, 2013 read with Rule 7(3) of the Companies (Appointment and Remuneration) Rules, 2014. The specific violation was a delay in filing Form MR-2 with the ROC. This form was required to be filed in connection with the appointment of Dr. Sanjeev Kumar Panchal as Managing Director of the Company, effective January 1, 2023.
Stated Rationale for Delay
The Company explained that the delay was due to technical glitches on the Ministry of Corporate Affairs (MCA) filing portal. Dr. Panchal's Director Identification Number (DIN) was erroneously reflected as inactive due to an alleged non-filing of DIR-3 KYC, a requirement the company states was inapplicable at the time. The DIN was subsequently activated in August 2023 following sustained follow-up efforts, after which the requisite filings were completed.
Financial Impact
The financial impact is quantified. The Company has a confirmed liability of ₹1,88,000 payable to the authorities.