COMPANY WAS LEVIED PENALTY FOR NOT
MENTIONING ALLOTTEE'S OCCUPATION IN
RETURN OF ALLOTMENT -PAS-3
JEEVODHAYA SAHAYA NIDHI LIMITED VS ROC, CHENNAI
FACTS:
As per Section 42(8), the company must file a Return of Allotment (PAS-3) with the Registrar within the prescribed time, containing complete details of allottees including name, address, occupation, number of securities allotted, etc.
On scrutiny of PAS-3 filed by the Jeevodhaya Sahaya Nidhi Limited,, the ROC found that the column for occupation of the allottees was left blank.
ROC’S FINDINGS:
Filing PAS-3 without complete particulars (in this case, occupation) is considered non-filing of return in proper form.
PENALTY
Penalty imposed on company will be around ₹1,00,000 depending on adjudication).
Officers in Default (For each Director₹ 25,000 each): Individual penalties will be levied
KEY LEARNINGS
Even minor omissions (like leaving the “occupation” column blank in PAS-3) are treated as a default.
Companies must ensure all required fields in statutory forms are duly filled before submission.
MCA insists on allottee occupation in PAS-3 for Nidhi Companies to ensure genuine membership, transparency, and depositor protection, and to prevent misuse of the Nidhi structure for money laundering or bogus capital formation.
R V SECKAR ,FCS, LLB 79047 19295
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