The Registrar of Companies Bangalore has levied a total penalty of ₹6 lakh on Indo-MIM Limited and its directors for non-compliance with the requirement of appointing a resident director as mandated under the Companies Act, 2013.
As per the adjudication order dated March 9, 2026, the company breached Section 149(3) of the Act, which obligates every company to have at least one director who has stayed in India for a minimum of 182 days during the fiscal year.
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The company acknowledged that, post-resignation of its resident director, Parasuraman Balasubramanian, dated December 14, 2017, all the remaining directors were residing in the United States and could not fulfil the residential condition. Consequently, from December 15, 2017, to March 30, 2024, the company stayed non-compliant for 2,297 days.
Thereafter, the company corrected the default by appointing three resident directors as additional directors on March 30, 2024.
At the time of adjudication proceedings, the company, along with its officers, admitted the breach and specified willingness to pay the penalty without asking for a hearing.
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U/s 172 of the Companies Act, 2013, the following penalties are being charged by the ROC-
- ₹3,00,000 on Indo-MIM Limited
- ₹1,00,000 each on directors Krishna Chivukula, Krishna Chivukula Jr, and Santosh Kumar Dash
Within 90 days, the company, along with the officer, was asked to pay the penalty via the Ministry of Corporate Affairs’ e-Adjudication portal. They retain the right to appeal to the regional director, Bangalore, within 60 days of obtaining the order.
ROC Bangalore Order ID: PO/ADJ/03-2026/BL/01724
