Violation of Section 149(4) of Companies Act: MCA imposes Rs. 7 lakh Penalty on Company & Directors

MCA imposed a ₹7 lakh penalty on a company and its directors for the violation of Section 149(4) of the Companies Act, likely concerning the required number of independent directors on the board. The penalty indicates a failure to comply with these corporate governance norms aimed at ensuring independent oversight and balanced decision-making within the company. This action by the MCA underscores the importance of adhering to the regulations regarding the composition of the board of directors.