File Complaint Against a Company with the Registrar of Companies (ROC) in India

[ADMIN]

Filing a complaint against a company with the Registrar of Companies (ROC) in India is a crucial step for addressing grievances related to corporate misconduct, non-compliance, or fraudulent activities. The ROC, operating under the Ministry of Corporate Affairs (MCA), oversees the registration and regulation of companies and Limited Liability Partnerships (LLPs) under the Companies Act, 2013. This comprehensive guide explains the step-by-step process of filing a complaint with the ROC, the circumstances under which a complaint can be filed, and essential considerations for individuals or entities seeking redressal. Whether you're an investor, employee, creditor, or stakeholder, understanding this process empowers you to take action against companies violating legal or statutory norms.

What is the Registrar of Companies (ROC)?

The Registrar of Companies (ROC) is a governmental authority responsible for administering the Companies Act, 2013, and the Limited Liability Partnership Act, 2008. Each state and union territory in India has its own ROC office, with some states like Maharashtra and Tamil Nadu having multiple ROCs due to the high volume of registered companies. The ROC's primary duties include registering companies and LLPs, ensuring compliance with statutory requirements, maintaining a public registry of corporate records, and addressing complaints against companies for violations of the Companies Act.

The ROC plays a pivotal role in fostering transparency, accountability, and ethical business practices. It has the authority to inspect company records, demand information, and initiate inquiries or investigations into corporate misconduct. Any individual or entity can approach the ROC to report issues such as fraud, mismanagement, or non-compliance by a company, making it an essential body for protecting stakeholder interests.

Why File a Complaint with the ROC?

Filing a complaint with the ROC is an effective way to address grievances when a company fails to comply with legal obligations or engages in unlawful activities. The ROC has the power to investigate complaints, enforce compliance, and take action against errant companies, including imposing penalties, initiating prosecutions, or even filing petitions for company dissolution. Complaints to the ROC are particularly relevant for issues that violate the Companies Act, such as failure to file annual returns, fraudulent financial reporting, or mismanagement by company directors.

By lodging a complaint, stakeholders can seek redressal for financial losses, protect their rights, and ensure companies adhere to statutory norms. The process is accessible to anyone—employees, investors, creditors, or even the general public—making it a powerful tool for holding companies accountable.

Circumstances for Filing a Complaint Against a Company with the ROC

The Companies Act, 2013, allows any person to file a complaint with the ROC, regardless of whether they have a direct interest in the company. Below are the key circumstances under which a complaint can be filed:

• Non-Compliance with Statutory Requirements: Companies are required to file annual returns, financial statements, and board resolutions with the ROC within specified timelines. Failure to do so, such as not filing Form AOC-4 (financial statements) or Form MGT-7 (annual return), can prompt a complaint. For example, if a company delays or omits filing its balance sheet or annual return, stakeholders can report this to the ROC for action.
  
• Fraudulent Activities or Financial Mismanagement: If a company engages in fraudulent schemes, such as misrepresenting financial data, diverting funds, or issuing fake investment schemes, a complaint can be filed. High-profile cases like the Sahara Group, where investors were defrauded through unauthorized schemes, highlight the importance of reporting such activities to the ROC.
  
• Misappropriation of Funds or Assets: Complaints can be lodged if company directors or officials misappropriate funds or assets, such as transferring company shares or properties fraudulently. For instance, if a director forges documents to transfer shares without shareholder consent, this warrants a complaint to the ROC.
  
• Violation of the Companies Act: Any breach of the Companies Act, such as unauthorized changes to the company's Memorandum of Association (MoA) or Articles of Association (AoA), failure to appoint directors or auditors, or non-compliance with corporate governance norms, can be reported to the ROC.
  
• Non-Payment of Investor Dues: If a company fails to repay fixed deposits, dividends, or other investor dues, affected parties can file a complaint. While the ROC cannot guarantee repayment due to factors like the company's financial health, it can initiate inquiries or prosecutions to address the issue.
  
• Mismanagement by Directors or Management: Complaints can be filed if directors engage in mismanagement, such as making unauthorized decisions, neglecting shareholder interests, or failing to hold required board meetings. For example, if a director acts against the company's objectives without proper authorization, this can be reported.
  
• Unlawful Activities or Threats: If a company or its officials engage in illegal activities, such as issuing threats to stakeholders or violating laws like the MSME Act, a complaint can be filed. For instance, a supplier facing non-payment and threats from a company can approach the ROC for redressal.
  
• Failure to Maintain Registered Office: Companies must maintain a registered office and inform the ROC of any changes. Non-compliance, such as not updating the registered office address, can lead to a complaint.
  
• Non-Adherence to Shareholder Rights: If a company denies shareholders their rights, such as access to financial records or participation in annual general meetings, shareholders can file a complaint with the ROC.
  
• Other Violations: Complaints can also be filed for issues like issuing a prospectus without ROC approval, appointing sole-selling agents without proper procedures, or failing to comply with resolutions related to voluntary winding up.
  

These circumstances cover a wide range of issues, from minor compliance failures to serious fraud. The ROC's broad authority under Sections 206 to 209 of the Companies Act allows it to address these complaints through inquiries, inspections, or legal action.

Who Can File a Complaint with the ROC?

One of the most significant changes introduced by the Companies Act, 2013, is that any person can file a complaint with the ROC, unlike the earlier Companies Act, 1956, which limited complaints to contributories, creditors, or interested parties. This means employees, shareholders, creditors, investors, clients, or even members of the public can report a company's misconduct. The complainant does not need to have a direct financial or legal interest in the company, making the process inclusive and accessible.

For example, an employee witnessing fraudulent accounting practices or a customer affected by a company's deceptive practices can file a complaint. This openness ensures that the ROC can act on credible information from any source to uphold corporate governance standards.

Step-by-Step Process to File a Complaint with the ROC

Filing a complaint with the ROC is a straightforward process, thanks to the MCA's online portal and streamlined procedures. Below is a detailed guide to filing a complaint, whether online or offline:

• Identify the ROC Jurisdiction: Determine the ROC office with jurisdiction over the company, based on the state or union territory where the company's registered office is located. For example, a company registered in Delhi falls under the ROC Delhi, while one in Chennai falls under the ROC Chennai. Larger states like Maharashtra may have multiple ROCs (e.g., ROC Mumbai and ROC Pune).
  
• Gather Necessary Information: Collect key details about the company, including its Corporate Identity Number (CIN), registered office address, and names of directors or officials involved in the issue. The CIN is a 21-digit alphanumeric code unique to each company, available on the MCA website under "View Company/LLP Master Data." You'll also need evidence of the violation, such as financial records, emails, contracts, or other documents supporting your complaint.
  
• Attempt Resolution with the Company: Before approaching the ROC, try resolving the issue directly with the company's Investor Grievance Cell or management. Document all communications, as this shows you've made a good-faith effort to resolve the matter. If the company fails to respond or resolve the issue, proceed to file a complaint with the ROC.
  
• Choose the Complaint Filing Method: Complaints can be filed online through the MCA21 portal or offline by submitting a physical complaint to the ROC office. The online method is faster and more convenient, but offline submissions are still accepted for those without internet access.
  
• Filing an Online Complaint:
  
  • Visit the MCA website (www.mca.gov.in) and navigate to "MCA Services" > "Complaints."
  • Select "Create Investor Complaint" or "Create Service Related Complaint," depending on the nature of your grievance. Investor complaints typically involve financial issues like non-payment of dividends or deposits, while service-related complaints cover other violations, such as mismanagement or non-compliance.
  • Log in to the MCA21 portal using your credentials. If you don't have an account, register using your email and personal details.
  • Fill out the Investor Complaint Form or Service Related Complaint Form with details such as your name, contact information, city, country, complaint category, company name, CIN, and a detailed description of the issue. Attach supporting documents in PDF format, such as proof of non-payment, forged documents, or correspondence with the company.
  • Submit the form and note the Service Request Number (SRN) generated upon submission. The SRN allows you to track the complaint's status online.
• Filing an Offline Complaint:
  
  • Draft a formal complaint letter addressed to the ROC of the state where the company is registered. The letter should include the company's name, CIN, registered office address, details of the violation, and names of responsible officials (e.g., directors, CEO, or authorized signatories).
  • Ensure the complaint is clear, descriptive, and includes all material facts. Avoid vague or ambiguous language to strengthen your case.
  • Attach copies of supporting documents, such as contracts, financial statements, or evidence of communication with the company.
  • Submit the complaint letter and documents to the ROC office in person or via registered post. Obtain an acknowledgment receipt for your records.
• Track the Complaint Status: For online complaints, use the SRN to track the status on the MCA website under "Track Complaint Status." For offline complaints, follow up with the ROC office directly. The MCA typically processes complaints within 6-7 days, though complex cases or those requiring company responses may take up to 60 days or more if the matter is sub-judice (under judicial review).
  
• Follow Up with Additional Authorities: If the ROC's response is unsatisfactory or the issue involves serious fraud, consider escalating the matter to the Ministry of Corporate Affairs (MCA) or the Serious Fraud Investigation Office (SFIO). You can also file a complaint with the National Company Law Tribunal (NCLT) or pursue legal action through civil or criminal courts, depending on the nature of the grievance.
  

Key Tips for Filing a Successful Complaint

• Be Specific and Detailed: Clearly outline the issue, including dates, events, and individuals involved. For example, if you're complaining about non-payment of dues, specify the amount, due date, and any communication with the company.
  
• Provide Evidence: Strong evidence, such as emails, contracts, or financial records, strengthens your case. Ensure all documents are authentic and relevant.
  
• Use the Correct ROC Office: Filing with the wrong ROC can delay your complaint. Verify the company's registered office and corresponding ROC jurisdiction on the MCA website.
  
• Follow Timelines: While there's no strict deadline for filing a complaint with the ROC, prompt action ensures timely investigation. For instance, complaints about non-payment should be filed as soon as the default is evident.
  
• Maintain Professionalism: Use formal language and avoid emotional or inflammatory statements in your complaint. A professional tone enhances credibility.
  
• Keep Records: Save copies of all communications, including the complaint form, SRN, and acknowledgment receipts, for future reference.
  

What Happens After Filing a Complaint?

Once a complaint is filed, the ROC reviews the details and supporting evidence. Under Section 206 of the Companies Act, the ROC can issue a written notice to the company, demanding documents, records, or explanations within a specified period. If the company's response is unsatisfactory, the ROC may:

• Conduct an inquiry or inspection of the company's records (Section 207).
• Submit a report to the Central Government for further investigation by the SFIO (Section 208).
• Initiate civil or criminal prosecution against the company or its officials for violations.
• Impose penalties for non-compliance, such as fines for delayed filing of forms (e.g., Rs. 5,000 for late filing of DIR-3).
• File a petition to wind up the company if the violations are severe and warrant dissolution.

The ROC's actions depend on the complaint's merit and the evidence provided. For example, in cases of financial fraud, the ROC may order an inspection of the company's books, while non-compliance issues may lead to penalties or directives to rectify the violation. However, the ROC cannot directly enforce repayment of investor dues, as this depends on the company's financial status and may require court intervention.

Challenges in Filing a Complaint with the ROC

While the ROC complaint process is accessible, complainants may face challenges:

• Delayed Resolution: Complex cases, especially those involving sub-judice matters or unresponsive companies, may take months to resolve.
  
• Limited Redressal for Financial Losses: The ROC can initiate prosecutions but cannot guarantee repayment of dues, as seen in cases like Sahara, where investors struggled to recover funds despite ROC action.
  
• Evidence Requirements: Complaints lacking sufficient evidence may be dismissed or delayed, emphasizing the need for thorough documentation.
  
• Jurisdictional Issues: Filing with the wrong ROC office can lead to delays or rejection of the complaint.
  
• Company Non-Response: If a company fails to respond to ROC notices, further legal action may be required, prolonging the process.
  

To overcome these challenges, ensure your complaint is well-documented, filed with the correct ROC, and followed up diligently. If the issue remains unresolved, consider alternative remedies, such as approaching the NCLT or filing a case with consumer courts or police authorities for criminal matters.

Alternative Remedies for Complainants

In addition to filing a complaint with the ROC, complainants can explore other avenues for redressal:

• National Company Law Tribunal (NCLT): For serious issues like oppression of shareholders or mismanagement, the NCLT provides a specialized forum for corporate disputes.
  
• Serious Fraud Investigation Office (SFIO): If the ROC's inquiry reveals significant fraud, the case may be referred to the SFIO for in-depth investigation.
  
• Securities and Exchange Board of India (SEBI): For complaints involving collective investment schemes or listed companies, SEBI is the appropriate authority.
  
• Reserve Bank of India (RBI): Non-banking financial companies (NBFCs) fall under RBI's jurisdiction for issues related to deposit schemes.
  
• Consumer Courts: For grievances related to defective services or products, consumer courts offer a viable option.
  
• Police or Criminal Courts: In cases of fraud, forgery, or threats, filing an FIR with the police or pursuing criminal prosecution may be necessary.
  

Each authority has specific jurisdictions, so choose the appropriate forum based on the nature of your complaint. For example, a supplier facing non-payment under the MSME Act may also approach the Micro and Small Enterprises Facilitation Council (MSEFC) alongside the ROC.

Real-Life Examples of ROC Complaints

To illustrate the process, consider these hypothetical scenarios based on common issues:

• Non-Payment of Supplier Dues: A supplier provides goods worth Rs. 10 lakh to a company but is not paid despite repeated requests. The supplier files a complaint with the ROC, attaching ledger copies, invoices, and communication records. The ROC issues a notice to the company, leading to an inquiry and eventual prosecution for non-compliance with payment terms.
  
• Fraudulent Share Transfer: A shareholder discovers that their shares were transferred without consent due to forged documents by a director. They file a complaint with the ROC, providing evidence of the forgery. The ROC investigates, and the director is prosecuted for violating the Companies Act and disability laws.
  
• Non-Filing of Annual Returns: An investor notices that a company has not filed its annual returns for two years, raising concerns about transparency. They file an online complaint via the MCA portal, prompting the ROC to impose penalties and direct the company to file the overdue returns.
  

These examples highlight the ROC's role in addressing diverse corporate issues and the importance of providing clear evidence to support complaints.

Importance of ROC Compliance for Companies

For companies, adhering to ROC requirements is critical to avoid complaints and penalties. Key compliance obligations include:

• Filing annual returns (Form MGT-7) and financial statements (Form AOC-4) within 30 and 60 days of the annual general meeting, respectively.
• Submitting board resolutions within 30 days of being passed (Section 117).
• Maintaining a registered office and notifying the ROC of any changes.
• Appointing directors and auditors as per statutory norms.
• Ensuring transparency in financial reporting and shareholder communications.

Non-compliance can lead to fines, director disqualifications, or even company dissolution, underscoring the need for diligent adherence to ROC regulations.

How to Check Company Details Before Filing a Complaint

Before filing a complaint, verify the company's details on the MCA website:

• Go to "View Company/LLP Master Data" under MCA Services.
• Enter the company's CIN or name to access details like registered office, directors, and filing status.
• Check the "View Index of Charges" or "View Signatory Details" for additional information on company assets or officials.

This ensures you have accurate information, such as the correct CIN and ROC jurisdiction, to file an effective complaint.

Common Mistakes to Avoid When Filing a Complaint

• Incomplete Information: Failing to provide the company's CIN or detailed evidence weakens your complaint.
  
• Wrong Jurisdiction: Submitting to the incorrect ROC office delays processing.
  
• Vague Complaints: General or unclear allegations may be dismissed for lack of specificity.
  
• Ignoring Pre-Filing Steps: Not attempting to resolve the issue with the company first can reduce the complaint's credibility.
  
• Missing Follow-Ups: Failing to track the SRN or respond to ROC queries can stall the process.
  

By avoiding these pitfalls, you increase the likelihood of a successful complaint outcome.

When to Seek Legal Assistance

For complex cases, such as large-scale fraud or disputes involving multiple parties, consulting a legal professional or company secretary can strengthen your complaint. They can help draft the complaint, gather evidence, and navigate interactions with the ROC or other authorities. Legal assistance is particularly useful when escalating matters to the NCLT or pursuing criminal action.

[ADMIN]

Contact details for various ROC offices in India:

• ROC Ahmedabad
  Address: ROC Bhavan, Opp Rupal Park Society, Behind Ankur Bus Stop, Naranpura, Ahmedabad - 380013
  Phone: 079-27437597
  Email: [email protected]
• ROC Bangalore
  Address: 'E' Wing, 2nd Floor, Kendriya Sadana, Kormangala, Bangalore - 560034
  Phone: 080-25633105
  Email: [email protected]
• ROC Chennai
  Address: Block No.6, B Wing, 2nd Floor, Shastri Bhawan, 26, Haddows Road, Chennai - 600034
  Phone: 044-28270071
  Email: [email protected]
• ROC Coimbatore
  Address: Stock Exchange Building, II-Floor, 683, Trichy Road, Singanallur, Coimbatore - 641005
  Phone: 0422-2318170
  Email: [email protected]
• ROC Delhi
  Address: 4th Floor, IFCI Tower, 61, Nehru Place, New Delhi - 110019
  Phone: 011-26235703
  Email: [email protected]
• ROC Ernakulam
  Address: Company Law Bhawan, BMC Road, Thrikkakara, Kochi - 682021
  Phone: 0484-2423749
  Email: [email protected]
• ROC Goa
  Address: Company Law Bhawan, EDC Complex, Plot No. 21, Patto, Panaji, Goa - 403001
  Phone: 0832-2438617
  Email: [email protected]
• ROC Hyderabad
  Address: 2nd Floor, Corporate Bhawan, GSI Post, Tattiannaram Nagole, Bandlaguda, Hyderabad - 500068
  Phone: 040-29805427
  Email: [email protected]
• ROC Jaipur
  Address: Corporate Bhawan, G/6-7, Second Floor, Residency Area, Civil Lines, Jaipur - 302001
  Phone: 0141-2222465
  Email: [email protected]
• ROC Jammu
  Address: Hall No.405-408, South Block, Bahu Plaza, Rail Head Complex, Jammu - 180012
  Phone: 0191-2470306
  Email: [email protected]
• ROC Kanpur
  Address: 10/499 B, Allenganj, Khalasi Line, Kanpur - 208002
  Phone: 0512-2550688
  Email: [email protected]
• ROC Kolkata
  Address: Nizam Palace, 2nd MSO Building, 2nd Floor, 234/4, A.J.C.B. Road, Kolkata - 700020
  Phone: 033-22877390
  Email: [email protected]
• ROC Mumbai
  Address: 100, Everest, Marine Drive, Mumbai - 400002
  Phone: 022-22812627
  Email: [email protected]
• ROC Patna
  Address: Maurya Lok Complex, Block A, Western Wing, 4th Floor, Dak Banglow Road, Patna - 800001
  Phone: 0612-222172
  Email: [email protected]
• ROC Pune
  Address: PMT Building, Pune Stock Exchange, 3rd Floor, Deccan Gymkhana, Pune - 411004
  Phone: 020-25521376
  Email: [email protected]
• ROC Shillong
  Address: Morello Building, Ground Floor, Shillong - 793001
  Phone: 0364-2504093
  Email: [email protected]
• ROC Tamil Nadu (Andaman & Nicobar)
  Address: 2nd Floor, 26, Haddows Road, Shastri Bhawan, Chennai - 600006
  Phone: 044-28277183
  Email: [email protected]
• ROC Uttar Pradesh
  Address: 10/499 B, Allenganj, Khalasi Line, Kanpur - 208002
  Phone: 0512-2550688
  Email: [email protected]
• ROC Andhra Pradesh
  Address: 2nd Floor, Corporate Bhawan, GSI Post, Tattiannaram Nagole, Bandlaguda, Hyderabad - 500068
  Phone: 040-29805427
  Email: [email protected]
• ROC Assam
  Address: 5th Floor, Prithvi Planet, Behind Hanuman Mandir, Ulubari, G.S. Road, Guwahati - 781007
  Phone: 0361-2974431
  Email: [email protected]
• ROC Chhattisgarh
  Address: Ist Floor, Ashok Pingley Bhawan, Municipal Corporation, Nehru Chowk, Bilaspur - 495001
  Phone: 07752-250092
  Email: [email protected]
• ROC Gujarat
  Address: ROC Bhavan, Opp Rupal Park Society, Behind Ankur Bus Stop, Naranpura, Ahmedabad - 380013
  Phone: 079-27437597
  Email: [email protected]
• ROC Jharkhand
  Address: House No-239, Road No-4, Magistrate Colony, Doranda, Ranchi - 834002
  Phone: 0651-2481844
  Email: [email protected]
• ROC Karnataka
  Address: 'E' Wing, 2nd Floor, Kendriya Sadana, Kormangala, Bangalore - 560034
  Phone: 080-25633105
  Email: [email protected]
• ROC Madhya Pradesh
  Address: 3rd Floor, 'A' Block, Sanjay Complex, Jayendra Ganj, Gwalior - 474009
  Phone: 0751-2321907
  Email: [email protected]
• ROC Punjab
  Address: Corporate Bhawan, Plot No.4 B, Sector 27 B, Madhya Marg, Chandigarh - 160019
  Phone: 0172-2639415
  Email: [email protected]
• ROC Rajasthan
  Address: Corporate Bhawan, G/6-7, Second Floor, Residency Area, Civil Lines, Jaipur - 302001
  Phone: 0141-2222465
  Email: [email protected]
• ROC Telangana
  Address: 2nd Floor, Corporate Bhawan, GSI Post, Tattiannaram Nagole, Bandlaguda, Hyderabad - 500068
  Phone: 040-29805427
  Email: [email protected]
• ROC Uttarakhand
  Address: 10/499 B, Allenganj, Khalasi Line, Kanpur - 208002
  Phone: 0512-2550688
  Email: [email protected]
• ROC West Bengal
  Address: Nizam Palace, 2nd MSO Building, 2nd Floor, 234/4, A.J.C.B. Road, Kolkata - 700020
  Phone: 033-22877390
  Email: [email protected]

[ADMIN]

You can also file a complaint using https://pgportal.gov.in/:

To file a complaint, you need to be a registered user on the PG Portal. Here's how to register:

1. Visit the pgportal.gov.in website.
2. Click on the "Register" option, usually found at the top-right corner.
3. Fill in the registration form with your details: name, email ID, mobile number, and address. You may also need to provide ID proof details (e.g., Aadhaar or PAN number).
4. Create a password and submit the form.
5. Verify your email or mobile number through the OTP or link sent by the portal.

Once registered, log in using your credentials. If you already have an account, simply log in to proceed.

Navigate to the Grievance Filing Section

After logging in, follow these steps to start filing your complaint:

1. On the homepage, click on "Lodge Public Grievance."
2. Select the "Central Government" option, as the MCA is a central ministry.
3. From the list of ministries/departments, choose "Ministry of Corporate Affairs."
4. You'll be directed to a grievance form tailored for MCA-related complaints.

This ensures your complaint is routed to the MCA, which oversees the ROC.

Fill Out the Grievance Form

The grievance form on pgportal.gov.in is comprehensive and requires specific details. Here's what you'll need to provide:

- Personal Details: Enter your name, address, city, state, country, and contact information.
- Grievance Description: Clearly explain the issue in simple language. For example, "The company failed to pay my dividend for the past two years" or "The director fraudulently transferred shares without my consent."
- Company Details: Provide the company's name, CIN (available on the MCA website), and registered address.
- Complaint Category: Select the appropriate category, such as "Non-payment of dividends," "Fraudulent activities," or "Non-filing of returns."
- Supporting Documents: Upload scanned copies of evidence, such as share certificates, correspondence with the company, or legal documents. Ensure files are in PDF or JPEG format and within the portal's size limits (usually 5 MB per file).
- Previous Action Taken: Mention if you've contacted the company or filed a complaint elsewhere (e.g., police or consumer court).

Be concise but thorough in your description. Avoid vague statements and focus on facts to make your case compelling.

Submit the Complaint

Once you've filled out the form and attached documents, review everything for accuracy. Click "Submit" to lodge your complaint. Upon submission, you'll receive a unique registration number (also called a grievance ID). Note this down, as it's essential for tracking your complaint's status.

Track Your Complaint

The pgportal.gov.in platform allows you to monitor the progress of your complaint. To check the status:

1. Log in to your PG Portal account.
2. Click on "View Status" or "Track Grievance."
3. Enter your grievance registration number and password.
4. The portal will display updates, such as whether the complaint has been forwarded to the ROC, is under review, or has been resolved.

You can also file a clarification or reminder if there's no progress within 30 days, as per the DARPG's grievance redressal timeline.

Follow Up with the ROC or MCA

After submitting your complaint, the MCA forwards it to the relevant ROC office based on the company's registered address. The ROC may:

- Request additional information or documents from you.
- Conduct an inquiry under Section 206 of the Companies Act, 2013, which grants them powers akin to a civil court.
- Order an inspection of the company's records or summon directors for examination.
- Escalate serious complaints to the Central Government for further investigation under Section 208.

If the ROC finds the company at fault, it may impose penalties, initiate prosecutions, or order corrective actions like refunding dividends or reversing fraudulent transactions. You'll receive updates via email or the PG Portal.