MCA ROC levies Rs.79.4L Penalty on Pharmaceutical Manufacturer for Non-Appointment of CS and CFO

The Ministry of Corporate Affairs (MCA) and the Registrar of Companies (ROC) imposed a penalty of Rs. 79.4 lakh on a pharmaceutical manufacturer for failing to appoint a Company Secretary (CS) and Chief Financial Officer (CFO). The company was in violation of the Companies Act, which mandates the appointment of these officers to ensure proper corporate governance, financial reporting, and compliance. Despite the company's defense of financial difficulties, the ROC found that non-compliance with these statutory requirements warranted a penalty. This decision reinforces the importance of adhering to corporate governance standards to ensure transparency and accountability in financial management.