COMPLIASCE OVERSIGHT TURNS EXPENSIVE FOR IQMETRIX AND IT PAID RS 13 LACS PENALTY OVER NON-COMPLIANCES

 

COMPLIANCES OVERSIGHT TURNS EXPENSIVE FOR IQMETRIX AND IT PAID RS 13 LACS PENALTY OVER NON-COMPLIANCES

TWO FOREIGN DIRECTORS WERE FINED-SIGNIFIES USE OF PROFESSIONAL ADVISES TO OVERCOME NON-COMPLIANCES

ROC Bangalore VS IQMETRIX Software Development India Private Limited

ROC Bangalore, has recently issued multiple adjudication orders under Section 454 of the Companies Act, 2013 against IQMETRIX Software Development India Private Limited for various statutory non-compliances. All matters were initiated through suo-motu applications filed by the company, admitting the lapses.

𝑪𝒐𝒎𝒎𝒐𝒏 𝑫𝒊𝒓𝒆𝒄𝒕𝒐𝒓𝒔 𝑷𝒆𝒏𝒂𝒍𝒊𝒔𝒆𝒅 𝑨𝒄𝒓𝒐𝒔𝒔 𝑶𝒓𝒅𝒆𝒓𝒔:

Christopher David Krywulak, Kelly Dean Kazakoff and Shailesh Srivastava

𝑪𝒐𝒎𝒑𝒍𝒊𝒂𝒏𝒄𝒆 𝑰𝒏𝒔𝒊𝒈𝒉𝒕𝒔:

✔ Timely filing of MBP-1 is essential to disclose directors’ interests.

✔ Mandatory Board Meetings must be convened within prescribed frequency.

✔ Financial statements must be approved by the Board before signing.

✔ Share certificates must be issued within 60 days to avoid penalties.

✔ Suo-motu action is viewed positively but does not eliminate penalty exposure.

💡 𝑻𝒂𝒌𝒆𝒂𝒘𝒂𝒚 𝒇𝒐𝒓 𝑪𝒐𝒓𝒑𝒐𝒓𝒂𝒕𝒆𝒔 & 𝑷𝒓𝒐𝒇𝒆𝒔𝒔𝒊𝒐𝒏𝒂𝒍𝒔

- Even unintentional delays or procedural lapses can lead to significant financial penalties.

- Strong governance, regular compliance reviews, and board oversight mechanism

Courtesy :

SUDHA VASUDEVAN

 

R V SECKAR,FCS,LLB ,79047 19295,