New Delhi: The Registrar of Companies (RoC) has imposed penalty on Herox Pvt. Ltd, the holding company for Hero Vired, and on two directors on the board, for alleged lapses in reporting beneficial ownership related details in time, showed an official order.
Hero Vired, a LearnTech company, is a Hero Group entity.
The order issued by the RoC for the National Capital Territory of Delhi and Haryana imposed ₹6 lakh on the company for not filing the e-form declaring beneficial owners under Section 90 of the Companies Act before the RoC initiated proceedings.
Although all the beneficial owners including the two directors on the company’s board—Suman Kant Munjal and Akshay Munjal—had given their declarations to the company, it defaulted on filing the forms with the authorities, the order which is now in public domain, said, citing the admission made by the company. The RoC also imposed penalty of ₹1.5 lakh each on the two directors holding them in default, given that directors have a responsibility for the company’s statutory compliances.
Suman Kant Munjal is the non-executive director of Hero Motocorp, while Akshay Munjal is founder and chief executive of BML Munjal University. Pawan Munjal Family Trust has 12% stake in Herox.
Mint was not able to get a response for its request for comment from Hero Vired till press time.
RoCs are taking action against companies for lapses in declaring significant beneficial ownership as part of efforts to enhance governance and transparency. Under law, those holding significant beneficial ownership in companies have to declare the same to the companies and they, in turn, have to keep a register of such owners and report to the RoC of any changes within a specified time frame. Also, companies have to make sure that significant beneficial owners comply with the provisions.
In the case of Herox, the RoC opted for the lesser penalty regime prescribed by the Companies Act for small companies and start-ups.