Failure To Maintain Separate Register Of Members: RoC Chennai Fines Subam Benefit Fund Nidhi Limited And Director Rs. 3.5 Lakh

The Registrar of Companies (RoC) Chennai imposed a fine of Rs. 35 lakh on Subam Benefit Fund Nidhi Limited and its director for failing to maintain a separate register of members. The RoC found that the company had violated the provisions of the Companies Act, which mandates the maintenance of a proper register to keep track of shareholders and their shareholdings. The fine serves as a reminder to companies about the importance of adhering to statutory requirements to ensure transparency and accountability in corporate governance.