Mumbai-based Justo Realfintech Limited has received three penalty orders from the Registrar of Companies (RoC) for violations of Section 42(10) of the Companies Act, 2013. The penalties arise from the company’s failure to maintain separate bank accounts for private placement application money.
Penalty Breakdown
- Order 1: 15,00,000 on the company and directors (each)
- Order 2: 16,00,000 on the company and directors (each)
- Order 3: 2,00,000 on the company; Rs. 1,00,000 on directors
Total Penalty: Rs. 33,00,000 for the company
Company Response
Justo Realfintech has stated that the penalties have no material effect on its financial position or operations. The company described the non-compliance as procedural and technical, relating to a past period. Measures are being taken to address the RoC orders through the appropriate authorities, ensuring compliance going forward.
Summary: Justo Realfintech faces Rs. 33 lakh in penalties for procedural violations under the Companies Act, with the company confirming that its business operations and financials remain unaffected.
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