MCA penalises Jeevodhaya Sahaya Nidhi Ltd for failure to disclose allottees’ occupation in PAS-3; directors held liable u/s 450

The MCA imposed penalties on Jeevodhaya Sahaya Nidhi Ltd for failing to disclose allottees’ occupation in PAS-3 filings and held directors personally liable under Section 450 of the Companies Act. The action underscores the importance of compliance, accurate record-keeping, and director accountability. Nidhi companies must ensure timely and complete statutory filings to avoid administrative penalties and criminal liability. The case highlights the need for robust internal controls, board-level review, and verification mechanisms to maintain statutory compliance, serving as a cautionary precedent for directors and company secretaries in regulated non-banking financial entities.