A penalty of ₹4.5 lakh has been imposed by ROC Kolkata for the non-filing of Form CSR-2, underscoring the importance of compliance with CSR requirements.
Penalty for Non-Filing of CSR-2
The ROC Kolkata has imposed a substantial penalty of ₹4.5 lakh on a company for failure to file Form CSR-2, which is mandated under Rule 12(1B) read with Section 450 of the Companies Act. This action stresses the criticality of compliance with CSR regulations.
Failure to adhere to the CSR reporting requirements not only leads to financial penalties but also undermines the company's commitment to corporate social responsibility. This case serves as a crucial reminder about the importance of CSR compliance.
Legal professionals should advise their clients to prioritize CSR filings and responsibilities to avoid significant penalties and uphold their corporate reputation.
