MCA imposes Penalties on Company and Directors for Non-Filing of Financial Statements from FY 2016-17 to FY 2020-21

The MCA (Ministry of Corporate Affairs) imposed penalties on a company and its directors for the persistent non-filing of financial statements from FY 2016-17 to FY 2020-21. Filing annual financial statements is a critical compliance requirement under the Companies Act, ensuring transparency and accountability. The continuous failure to do so over multiple years indicates a serious breach of corporate governance norms and attracts significant penalties from the regulatory authorities.