N.S.J.L NIDHI LTD THROU. ITS ROHIT K BHAMBURDEKAR AND ORS vs THE REGIONAL DIRECTOR (WR )MINISTRY OF CORPORATE AFFAIR AND ANR

Judgment text excerpt

23-WP-10782-2024 IN THE HIGH COURT OF JUDICATURE AT BOMBAY Digitally signed by CHAITANYA CHAITANYA ASHOK JADHAV CIVIL APPELLATE JURISDICTION ASHOK JADHAV Date: 2026.05.13 13:05:03 +0530 WRIT PETITION NO. 10782 OF 2024 N.S.J.L Nidhi Ltd Throu. Its Rohit K Bhamburdekar and Ors …Petitioners Versus The Regional Director (Wr) Ministry Of Corporate Affair And Anr. …Respondents Mr. Pradyumna Agrawal a/w Ankit Rathod, Anshu Agrawal, Ishan Agrawal, Bhushan Shinde, for the Petitioners. Ms. Savita Ganoo a/w Mr. D. P. Singh, for the Respondent No.1. CORAM: SOMASEKHAR SUNDARESAN, J. DATE: APRIL 27, 2026 ORAL JUDGEMENT : 1. Rule. Rule made returnable forthwith by consent of the parties, and taken up for final hearing and disposal. Context and Factual Background: 2. This Petition impugns an order dated October 11, 2023, by which a Learned Adjudicating Officer, exercising jurisdiction under the Companies Page 1 of 35 April 27, 2026 Chaitanya 23-WP-10782-2024 Act, 2013 (“Companies Act”), has sought to impose a penalty aggregating to Rs. 64 lakhs against the Petitioners for alleged failure to certify annexures to sixteen returns of allotment of securities uploaded by Petitioner No. 1, N.S.J.L Nidhi Ltd. (“Company”), between February 10, 2019 and January 26, 2021. 3. The two points for determination that lie at the heart of this Petition are whether the penalty is at all attracted in the facts of the case, and if so, whether the quantum of penalty imposed is compliant with the Companies Act and is a product of appropriate and reasonable exercise of jurisdiction. Alleged Default and Relevant Provisions: 4. The Learned Adjudicating Officer was essentially adjudicating monetary penalty under Section 39(5) of the Act. The relevant portions of Section 39 are extracted below: “39. Allotment of