The company suo motu applied for adjudication, stating that after approving a rights issue of 45,00,000 equity shares of Rs. 4.50 crore, all shareholders accepted the offer, but the company proceeded with allotment of the shares and filed e-Form PAS-3 on 31.03.2024 without receiving the share application money. Pursuant to the offer for issue of equity shares on rights basis, all the shareholders conveyed their acceptance and intent to subscribe to the equity shares offered to them by right issue by way of sharing acceptance letter dated on 29th March 2024. The company in the application has submitted that despite the non-receipt of share application money, the Company proceeded with the allotment of equity shares to the shareholders. For penal consequences of non-payment of penalty within the prescribed time limit, please refer Section 454(8) of the Companies Act, 2013.