MCA Imposes Fines on Nithin Kamath and Zerodha AMC for Delayed CFO Appointment
The Ministry of Corporate Affairs (MCA) has imposed significant penalties on Zerodha Asset Management Company (AMC) and its key executives, including founder Nithin Kamath, for failing to appoint a Chief Financial Officer (CFO) within the mandated timeframe.
The Ministry of Corporate Affairs (MCA) has imposed significant penalties on Zerodha Asset Management Company (AMC) and its key executives, including founder Nithin Kamath, for failing to appoint a Chief Financial Officer (CFO) within the mandated timeframe.
Zerodha AMC and its senior management were found in violation of Section 203 of the Companies Act, which stipulates the timely appointment of a CFO. Zerodha’s penalty amounts to ₹5 lakh, while Nithin Kamath faces a fine of ₹4.08 lakh. Other top executives are also penalized, with fines levied as follows: Nithya Easwaran and Shikha Singh are fined ₹1.5 lakh each, Vishal Virendra Jain and Tushar Mahajan are fined ₹3.45 lakh and ₹1.5 lakh respectively.
The penalties were issued by the MCA as per its order dated May 5, 2024, which was published on July 31, 2024. The order stated that Zerodha AMC had defaulted in complying with the provisions of Section 203(1) of the Companies Act, 2013, and each director and key managerial personnel found in default were liable to a fine of ₹50,000. If the default persists, additional penalties of ₹1,000 per day, up to a maximum of ₹5 lakh, could apply.
Zerodha AMC, which admitted to the violation through a suo-moto application, filed on January 9, 2024, has expressed its intention to appeal the decision. The company’s CEO Vishal Jain clarified that the delay occurred before the company commenced operations and assured that measures were being taken to rectify the situation. Zerodha AMC has contested the order with the Regional Director in Hyderabad as of July 16, 2024.
Sources By Agencies
About The Author
Wow wonderful blog layout How long have you been blogging for you make blogging look easy The overall look of your site is great as well as the content
Somebody essentially lend a hand to make significantly posts I might state That is the very first time I frequented your web page and up to now I surprised with the research you made to create this particular put up amazing Excellent job
Usually I do not read article on blogs however I would like to say that this writeup very compelled me to take a look at and do so Your writing taste has been amazed me Thanks quite nice post
ventolin.com: buy albuterol inhaler – ventolin tablet 2 mg
where can i buy ventolin online
neurontin prescription online: neurontin 100 mg – neurontin 300 mg
neurontin medication: neurontin 800 mg pill – neurontin 10 mg