Sri Ramakrishna Mills Coimbatore Ltd Faces Penalty for Violating Companies Act, 2013

Sri Ramakrishna Mills Coimbatore Ltd has received an Order for Adjudication of penalty from the Ministry of Corporate Affairs (MCA) under section 454 of the Companies Act, 2013 for Violation of Section 134(3)(h) of the Act. The Company failed to disclose Related Party transactions relating to entity JGOM in the Financial Statements for the Financial Year 2016-17 in the Required Related Party Disclosure portion of the Financial Statements. The Company has been imposed a penalty of Rs 3.0 Lakhs and a penalty of Rs. 50,000/- on all officers in default viz MD, WTD, CS and CFO. However, there is no material impact on financials, operations or other activities of the Company.