The Ministry of Corporate Affairs has imposed a fine on startup Herox Pvt Ltd and two individuals from the Munjal family for violating significant beneficial owner (SBO) norms.
Ministry of Corporate Affairs has imposed a fine on startup Heroux Private Limited and two individuals of the Munjal family for violating the Significant Beneficial Owner (SBO) norms. According to the order issued on Tuesday, Heroux has been fined a total of Rs 6 lakh.
Suman Kant Munjal and Akshay Munjal have been fined Rs 1.5 lakh each. The company and both the people have violated the Significant Beneficial Owner (SBO) norms. Under Section 90 of the Companies Act 2013, entities are required to disclose SBO details.
The Registrar of Companies (ROC) of Delhi and Haryana has imposed a fine on Heroux and both the people. The company said in a statement that Heroux and the directors will file an appeal before the regional director against the order.
