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Clasis Law is one of the leading full-service Indian law firms which provide speedy services while upholding the law and following every regulation in the book. The firm is recognized as highly professional and process-driven, with the necessary systems and infrastructure to provide hassle-free services to clients. It has an established capability and operational ability to advise clients across borders through its vibrant network of international law firms located around the globe, including in some of the most difficult jurisdictions in the world. The firm's clients range from Fortune 500 companies to SMEs and small businesses. In addition, it provides specialized services to international SMEs that choose India as their preferred investment destination.


In the matter of M/s SNFL Cloudtech India Private Limited (“Company”) for the violation under section 56 of the Companies Act, 2013 (“Act”)

The Company suo-moto filed an application with the Registrar of Companies, Karnataka (“ROC”). According to the application, the Company allotted 2,23,81,268 equity shares through right-issue offer to its existing shareholders on April 27, 2021. Pursuant to the Act, the Company was required to issue certificates within two months from the date of allotment i.e., June 27, 2021. However, the Company issued equity shares to its shareholders with a delay of 204 days i.e., on January 17, 2022.
After considering the facts and submissions made by the authorized representative(s), the penalty was imposed on the Company and its directors of INR 50,000/- each for the violation of section 56 of the Act.
You can read the judgment by clicking on the below link:

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