Mumbai, 11th January 2024: In a significant development, Exusia India Private Limited has been fined Rs 4 lakh by the National Company Law Tribunal for delays in conducting its Annual General Meetings (AGMs). The Registrar of Companies (ROC) took action against the company due to its failure to hold AGMs on time for two consecutive financial years.
Under Section 96 of the Companies Act, 2013, companies are mandated to organize AGMs within a stipulated timeframe. Exusia India Private Limited faced scrutiny for its repeated lapses in adhering to AGM timelines, prompting the imposition of the fine.
Harpreet Saluja, President of the IT Employees Union NITES, expressed concerns, stating, “This raises concerns about the company’s corporate governance practices and its commitment to transparency and accountability towards its shareholders and employees.”
