Roc Hyderabad Imposes Rs. 40,000 Penalty On Sai Silks (Kalamandir) Limited And Directors For Non-Disclosure Of Asset In Rs. 50.94 Million Impairment Loss
Live LawThe Registrar of Companies, Hyderabad has held imposed a penalty of Rs. 40,000/- on Sai Silks Limited and its directors for failure to disclose the nature of the asset associated with an impairment loss of Rs. Brief Facts: Sai Silks Limited received a notice from the Registrar of Companies which pointed out a discrepancy in the company's financial statements for the fiscal year ending March 31, 2022. It did not reveal the nature of the asset associated with this impairment loss which constitutes a violation of Section 133 of the Companies Act, 2013 read in conjunction with Indian Accounting Standard 36. Section 133 of the Companies Act mandates that the Central Government may prescribe accounting standards or any addenda to them, as recommended by the Institute of Chartered Accountants of India after consulting with and reviewing recommendations from the National Financial Reporting Authority.
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