{"id":384914,"date":"2026-05-22T15:30:59","date_gmt":"2026-05-22T10:00:59","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=384914"},"modified":"2026-05-22T15:06:14","modified_gmt":"2026-05-22T09:36:14","slug":"pas-3-penalty-roc-chennai-rule-12-violation-2026","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/05\/22\/pas-3-penalty-roc-chennai-rule-12-violation-2026\/","title":{"rendered":"PAS-3 Filing Error Penalty: Rs. 20000 for violation of Companies (Prospectus and Allotment of Securities) Rules, 2014 by ROC Chennai"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 12 May 2026, the <span style=\"font-weight: bold;\">Ministry of Corporate Affairs<\/span> issued an order for adjudication of penalty for repeated default under <span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001537696\" target=\"_blank\">454<\/a><\/span> of the <span style=\"font-weight: bold;\"><a href=\"http:\/\/www.scconline.com\/DocumentLink\/f0bKL2J3\" target=\"_blank\">Companies Act, 2013<\/a><\/span> for violation of <span style=\"font-weight: bold;\">Rule 12(2)<\/span> of the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/CD3TEMgO\" target=\"_blank\"><span style=\"font-weight: bold;\">Companies (Prospectus and Allotment of Securities) Rules, 2014<\/span><\/a>.<\/p>\n<h3>Facts and Submissions:<\/h3>\n<p style=\"margin-bottom: 3%;\">The matter is relating to <span style=\"font-weight: bold;\">Sri Muthu Malai Benefit Fund Limited<\/span> registered under the Provisions of <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002766251\" target=\"_blank\">Companies Act, 2013<\/a> having its registered office in Tamil Nadu.<\/p>\n<p style=\"margin-bottom: 3%;\">The Company did not mention the occupation of some allottees attached to Form PAS-3 filed in Ministry of Affairs system resulting in violation of Rule 12(2) of the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/CD3TEMgO\" target=\"_blank\"><span style=\"font-weight: bold;\">Companies (Prospectus and Allotment of Securities) Rules, 2014<\/span><\/a>.<\/p>\n<p style=\"margin-bottom: 3%;\">The Adjudicating Authority then issued notice for e-Adjudication and the Company vide its letter submitted that the Company inadvertently omitted to provide the occupation details for certain allottees in the PAS-3 form filed with the Registrar and the omission was purely unintentional and occurred without any deliberate intent or mens rea.<\/p>\n<p style=\"margin-bottom: 3%;\">The Adjudicating Authority then scheduled e-hearing which was not attended by the Directors or by the authorized representatives of the Company.<\/p>\n<h3>Ex-parte Order:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>The Company violated Rule 12(2) of the <span style=\"font-weight: bold;\"><a href=\"http:\/\/www.scconline.com\/DocumentLink\/CD3TEMgO\" target=\"_blank\">Companies (Prospectus and Allotment of Securities) Rules, 2014<\/a><\/span> hence, the company and its officers in default are liable for penalty under Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001537692\" target=\"_blank\">450<\/a> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002766251\" target=\"_blank\">Companies Act, 2013<\/a>.<\/p>\n<\/li>\n<li>\n<p>Penalty imposed:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>On the Company- Rs. 10,000<\/p>\n<\/li>\n<li>\n<p>On the officers in default- Rs. 10,000<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The officers in default will have to rectify the default within 90 days from the receipt of this order.<\/p>\n<\/li>\n<li>\n<p>The officers will have to pay the penalty through their personal source\/ income, via &#8216;e-Adjudication&#8217; facility which can be accessed through the respective login IDs on the website of Ministry of Corporate Affairs and upload the copy of paid challan \/ SRN of<\/p>\n<p style=\"margin-bottom: 3%;\">e-filing (if applicable) on the &#8216;e-Adjudication&#8217; portal.<\/p>\n<\/li>\n<\/ol>\n<p style=\"margin-bottom: 3%;\">In case of non-payment of penalty within 90 days, the Company or its officers will be penalized under Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001537696\" target=\"_blank\">454(8)<\/a> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002766251\" target=\"_blank\">Companies Act, 2013<\/a>.<\/p>\n<h3>Appeal:<\/h3>\n<p style=\"margin-bottom: 3%;\">Appeal can be filed against the order with the Regional Director, RD Chennai within a period of 60 days from the date of receipt of this order, in <span style=\"font-weight: bold;\">Form ADJ<\/span> setting for the grounds of appeal and should be accompanied by a certified copy of this order.<\/p>\n<h3>Provisions involved:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p style=\"font-weight: bold;\">Rule 12(2) of the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/CD3TEMgO\" target=\"_blank\">Companies (Prospectus and Allotment of Securities) Rules, 2014<\/a>:<\/p>\n<p>The list of allottees stating their names, address, occupation and number of securities allotted to each allottee should be attached to Form PAS-3 and the list should be certified by the signatory of the Form PAS-3 as being complete and correct as per company&#8217;s record.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 450 of the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/a8Xz4et9\" target=\"_blank\">Companies Act, 2013<\/a>:<\/span><\/p>\n<p class=\"List&nbsp;Paragraph\" style=\"font-style: italic;\">&#8220;<a href=\"https:\/\/www.scconline.com\/Members\/BrowseResult.aspx#BS339\" target=\"_blank\"><span class=\"Hyperlink\" style=\"font-weight: bold; text-decoration: none; text-underline-style: none; text-underline-mode: continuous; text-underline-color: #0000ff; color: #0000ff;\">450. Punishment where no specific penalty or punishment is provided<\/span><\/a>.&#8212;If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person.&#8221;.<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Section 454 of the :<\/p>\n<p style=\"font-style: italic;\"><span style=\"font-weight: bold;\"><span style=\"color: #0000ff;\">&#8220;<\/span><a href=\"https:\/\/www.scconline.com\/Members\/BrowseResult.aspx#BS343\" target=\"_blank\"><span class=\"Hyperlink\" style=\"text-decoration: none; text-underline-style: none; text-underline-mode: continuous; text-underline-color: #0000ff; color: #0000ff;\">454. Adjudication of penalties<\/span><\/a><\/span>.&#8212;(1) The Central Government may, by an order published in the Official Gazette, appoint as many officers of the Central Government, not below the rank of Registrar, as adjudicating officers for adjudging penalty under the provisions of this Act in the manner as may be prescribed.<\/p>\n<p style=\"font-style: italic;\">(2) The Central Government shall while appointing adjudicating officers, specify their jurisdiction in the order under sub-section (1).<\/p>\n<p style=\"font-style: italic;\">(3) The adjudicating officer may, by an order&#8212;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt; font-style: italic;\">(a) impose the penalty on the company, the officer who is in default, or any other person, as the case may be, stating therein any non-compliance or default under the relevant provisions of this Act; and<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt; font-style: italic;\">(b) direct such company, or officer who is in default, or any other person, as the case may be, to rectify the default, wherever he considers fit :<\/p>\n<p style=\"margin-left: 36pt; font-style: italic;\">Provided that in case the default relates to non-compliance of sub-section (4) of Section 92 or sub-section (1) or sub-section (2) of Section 137 and such default has been rectified either prior to, or within thirty days of, the issue of the notice by the adjudicating officer, no penalty shall be imposed in this regard and all proceedings under this section in respect of such default shall be deemed to be concluded.<\/p>\n<p style=\"font-style: italic;\">(4) The adjudicating officer shall, before imposing any penalty, give a reasonable opportunity of being heard to such company, the officer who is in default or any other person.<\/p>\n<p style=\"font-style: italic;\">(5) Any person aggrieved by an order made by the adjudicating officer under sub-section (3) may prefer an appeal to the Regional Director having jurisdiction in the matter.<\/p>\n<p style=\"font-style: italic;\">(6) Every appeal under sub-section (5) shall be filed within sixty days from the date on which the copy of the order made by the adjudicating officer is received by the aggrieved person and shall be in such form, manner and be accompanied by such fees as may be prescribed.<\/p>\n<p style=\"font-style: italic;\">(7) The Regional Director may, after giving the parties to the appeal an opportunity of being heard, pass such order as he thinks fit, confirming, modifying or setting aside the order appealed against.<\/p>\n<p style=\"font-style: italic;\">(8)(i) Where company fails to comply with the order made under sub-section (3) or sub-section (7), as the case may be,] within a period of ninety days from the date of the receipt of the copy of the order, the company shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakh rupees.<\/p>\n<p style=\"font-style: italic; margin-bottom: 3%;\">(ii) Where an officer of a company or any other person] who is in default fails to comply with the order made under sub-section (3) or sub-section (7), as the case may be, within a period of ninety days from the date of the receipt of the copy of the order, such officer shall be punishable with imprisonment which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees, or with both.&#8221;.<\/p>\n<\/li>\n<\/ol>\n<p style=\"margin-bottom: 3%;\">[PAS-3 Filing Error Penalty: Rs. 20000 for violation of Companies (Prospectus and Allotment of Securities) Rules, 2014 by ROC Chennai, dt. 12 May 2026]<\/p>\n<p style=\"font-weight: bold;\">Read more:<\/p>\n<p style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/blog\/post\/2026\/03\/29\/2026-scc-vol-2-part-5-latest-supreme-court-cases\/\" target=\"_blank\">2026 SCC Vol. 2 Part 5: Key Supreme Court Cases on Arbitration, GST, Environment Law, Companies Act, &amp; More<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">ROC Chennai imposed a Rs. 20,000 penalty on Sri Muthu Malai Benefit Fund Limited and its officers for failing to disclose allottee occupation details in PAS-3, violating Rule 12(2) of the Companies (Prospectus and Allotment of Securities) Rules, 2014.<\/p>\n","protected":false},"author":67515,"featured_media":384915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[67346,105020,105012,105016,105022,105017,105015,105007,105021,105013,105005,105018,105011,105006,105010,105019,105008,105009,105014],"class_list":["post-384914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-67346","tag-allotment-of-securities-filing","tag-allottee-details-omission","tag-company-compliance-default","tag-corporate-penalty-20","tag-e-adjudication-process","tag-ex-parte-order-mca","tag-mca-adjudication","tag-mca-penalty-order-2026","tag-occupation-details-non-disclosure","tag-pas-3-filing-error","tag-penalty-on-company-officers","tag-prospectus-and-allotment-rules-2014","tag-roc-chennai-order","tag-rule-122-violation","tag-secretarial-compliance-lapse","tag-section-450-companies-act-2013","tag-section-454-companies-act","tag-sri-muthu-malai-benefit-fund-limited"],"yoast_head":"<!-- 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