ROC Fines Former MCX MD CEO PS Reddy
Fine imposed on key MCX officials for one day delay in depositing amount of dividend for being declared
The Registrar Of Companies Maharashtra, which falls under, the Ministry Of Corporate Affairs has imposed a penalty on P S Reddy, the former MCX MD and CEO, Ajay Puri, former MCX Company Secretary, Satyajit Bolar former MCX CFO, for delaying dividend payments by one day.
All three have been asked to pay Rs 11,000 each from their pockets and MCX too will have to pay a penalty of Rs 11,000.
MCX shareholders at 5 the 20th Annual General Meeting (AGM) held on September 27 had passed an Ordinary Resolution for the declaration of a final dividend at Rs 17.40 per equity share. The share price of MCX also witnessed a rally on the same news. However, the rules mandate that the company had to deposit the full amount pertaining to the dividend declared in five days (from the date of declaration) in a separate bank account for dividends paid to the shareholders.
In the case of MCX, the amount had to be deposited at least by 2 October 2022, But MCX deposited the Dividend amount on 3 October 2022 due to the national holiday on 2 October.
Therefore, the Registrar of Companies has imposed a penalty for the delay of one day.
