Gujarat Firm With Chinese Funding Gets RoC  Notice for Rule Violations

| Updated: June 20, 2022 9:37 am

The Ministry of Corporate Affairs is dealing with an Ahmedabad-based firm with Chinese funding that has allegedly violated several company laws. The Ministry of Corporate Affairs penalised HCBB Industry Pvt Ltd for violating company laws. 

Ahmedabad-based founder Nilesh Tarunbhai Parmar and Chinese co-founder  Zhang Ling have failed to file annual returns for the financial years 2019 and 2020 of the company. Needless to say, the company has also failed to file copies of financial statements. 

Wuhan connection? 

Gujarati founder Nilesh Parmar lives in Nava Vadaj, Naranpura, Ahmedabad. He set up the electronics company HCBB Industry in Sector-25, Gandhinagar. HCBB Industry is a private company incorporated on January 9, 2018. Its authorised share capital is Rs 57 lakh and its paid-up capital is Rs 56.6 lakh. It is involved in the manufacturing of electric motors, generators and transformers.

Here, Chinese co-founder Zhang Ling is also penalised by the Registrar of Companies. He belongs to Tuanchengshan Street X, Ialu, Huan Hubei Province in China. Wuhan, the epicentre of the Covid-19 virus, is the capital of Central China’s Hubei province. 

When Vibes of India contacted the company’s official number, the call was not reachable.

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On the scheduled date of hearing with the ROC on March 23, 2022, none of the representatives of the company or directors either furnished their suitable reply or appeared on the date so fixed. The company and the officers, according to ROC sources, are thus liable for penalty under Section 92(5) and Section 137 (3) of the Companies Act, 2013. 

During the hearing of the case on March 23, 2022, Indian Corporate Law Service (ICLS) officer MK Sahu, who is Registrar of Companies & Adjudicating Officer of Gujarat, gave this order. 

Nature of Default Violation of section Company/officer No. of days of default Penalty imposed  
Non-filing of Annual returns 2018-19Section 92 (4) On Company 81291, 200
  Nilesh Parmar 81260,000
  Zhang Ling 81260,000
     
Non-filing of Annual returns 2019-20Section 92 (4)On Company38648,600
  Nilesh Parmar 38648,600
  Zhang Ling 38648,600

According to the orders, the founders are now directed to file the overdue statutory annual return and balance sheet as per the requirement of Section 92(4) and Section 137(1) of the Companies Act, 2013.  The company is liable to pay the penalty amount, in case of non-payment the company shall be punishable with a fine that may extend to Rs 5 lakh. 

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