The office of the Registrar of Companies (RoC) in Delhi and Haryana has started taking action against firms that raise equity investment through platforms that make online pitches to investors in violation of company law.
The RoC issued an order this week imposing a penalty of ₹2 lakh on a small Delhi-based company and 1 lakh each on two of its directors for allegedly violating a provision in Companies Act by raising capital through a technology platform run by a Mumbai-based company, according to the website of the ministry of corporate affairs.
The RoC order said that section 42 of the Companies Act prohibits companies going for private placement of securities from releasing any public advertisements or using marketing or distribution channels or agents to inform the public at large about such an issue.
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