Order from Registrar of Companies, Cuttack, Odisha, Ministry of Corporate Affairs, in the matter ofadjudication of Offences under the Companies Act, 2013.
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Indian Metals & Ferro Alloys Limited (IMFA) has received an order from the Registrar of Companies (RoC), Cuttack, levying an aggregate penalty of Rs. 20 lakh on the company and its current and former Key Managerial Personnel. The penalty relates to non-disclosure of certain information required under Section 197 of the Companies Act, 2013 (governing managerial remuneration) for the financial years 2018-19, 2019-20, and 2020-21. The company had itself voluntarily filed compounding/adjudication applications with the RoC seeking resolution of these defaults. IMFA has stated that there is no material impact on its financial, operational, or other activities from this order, and it will make the payment within the stipulated period.
The penalty amount of Rs. 20 lakh is small relative to IMFA's overall size and is unlikely to have any meaningful impact on the stock price or operations. The matter involves procedural non-disclosure of managerial remuneration details from prior years, not financial fraud or operational issues, and the company itself flagged the defaults voluntarily.