Exusia India Private Limited Slapped with Rs 4 Lakh Fine for AGM Delay
Mumbai, 11th January 2024: Exusia India Private Limited has been fined Rs 4 lakh for delaying Annual General Meetings, according to a judgment by the National Company Law Tribunal in Mumbai. The Registrar of Companies (ROC) imposed a fine on the company for not conducting its annual general meetings (AGMs) on time for two consecutive financial years.
Companies are obligated to hold AGMs within the specified timeframe, as outlined in Section 96 of the Companies Act, 2013. Exusia India Private Limited faced scrutiny for its recurring failure to conduct AGMs in accordance with the Companies Act, 2013.
“This raises concerns about the company’s corporate governance practices and its commitment to transparency and accountability towards its shareholders and employees,” stated Harpreet Saluja, President of the IT Employees Union NITES.
