MCA penalises Zerodha, Apple supplier Wistron for company law breach

The Ministry of Corporate Affairs (MCA) has penalised Zerodha Asset Management and Wistron Infocomm Manufacturing (India) for their failure to appoint key executives on time in breach of the company law provisions.

In an order reviewed by ET, the Registrar of Companies (RoC) for Karnataka has imposed penalties totalling almost Rs 24 lakh on Zerodha Asset Management, its director Nithin Kamath, chief executive Vishal Jain and four others, citing the absence of a chief financial officer in the company for 459 days until the appointment of Chintan Vasantlal Bhatt on March 24, 2023.