MCA Appoints Adjudicating Officer to Address DIN Non-Compliance by M/s Aasvas Nidhi Limited

CA Naveen Panwar | Last updated: 30 November 2024

Save Share

Quick Summary

The Ministry of Corporate Affairs (MCA) has appointed an Adjudicating Officer to address M/s Aasvas Nidhi Limited's failure to include Director Identification Numbers (DINs) in its 2016-17 financial statements. This violation of Section 158 of the Companies Act, 2013, resulted in a penalty of ₹2,00,000 each for the company and its directors. The case underscores the importance of strict compliance and individual director accountability in corporate governance.

In a noteworthy enforcement of corporate governance norms, the Ministry of Corporate Affairs (MCA) appointed the Registrar of Companies (RoC), Kerala, as the Adjudicating Officer to address violations of Section 158 of the Companies Act, 2013. This case pertains to M/s Aasvas Nidhi Limited, which fa

Daily Limit Reached

You have reached your daily limit of 2 Free Articles

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Broadcasts
Daily E-Newsletter
Unlimited Articles Access

BEST VALUE

2 YEAR PLAN

3,499

(Inclusive of GST)

1 YEAR PLAN

1,999

(Inclusive of GST)

View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

FAQ :

Section 158 mandates that companies must include the Director Identification Numbers (DINs) of their directors in all official documents, including financial statements, to ensure transparency and accountability.

M/s Aasvas Nidhi Limited failed to include the DINs of its directors in its financial statements for the fiscal year 2016-17, thereby violating Section 158 of the Companies Act, 2013.

The Registrar of Companies (RoC), Kerala, was appointed as the Adjudicating Officer to address the non-compliance by M/s Aasvas Nidhi Limited.

A penalty of ₹2,00,000 was imposed on M/s Aasvas Nidhi Limited as a corporate entity, and an additional ₹2,00,000 was imposed on each of its current and former directors.

The decision highlights the individual accountability of directors, including former officeholders, for ensuring compliance with corporate laws and avoiding personal liability.