IN THE HIGH COURT OF JUDICATURE AT BOMBAY Digitally signed by CIVIL APPELLATE JURISDICTION CHAITANYA CHAITANYA ASHOK ASHOK JADHAV JADHAV Date:

2026.05.13

13:05:03 WRIT PETITION NO. 10782 OF 2024 +0530 N.S.J.L Nidhi Ltd Throu. Its Rohit K Bhamburdekar and Ors …Petitioners Versus The Regional Director (Wr) Ministry Of Corporate Affair And Anr. …Respondents Mr. Pradyumna Agrawal a/w Ankit Rathod, Anshu Agrawal, Ishan Agrawal, Bhushan Shinde, for the Petitioners.

Ms. Savita Ganoo a/w Mr. D. P. Singh, for the Respondent No.1.

CORAM: SOMASEKHAR SUNDARESAN, J.

DATE: APRIL 27, 2026

ORAL JUDGEMENT :

1. Rule. Rule made returnable forthwith by consent of the parties, and taken up for final hearing and disposal. Context and Factual Background:

2. This Petition impugns an order dated October 11, 2023, by which a Learned Adjudicating Officer, exercising jurisdiction under the Companies Act, 2013 (“Companies Act”), has sought to impose a penalty aggregating to Rs. 64 lakhs against the Petitioners for alleged failure to certify annexures to sixteen returns of allotment of securities uploaded by Petitioner No. 1, N.S.J.L Nidhi Ltd. (“Company”), between February 10, 2019 and January 26, 2021.

3. The two po