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2012 (12) TMI 352 - HC - Companies Lawcomposition of offence committed u/s 621A of Companies Act - license u/s 25 granted to promote the game of cricket - held that:- Under sub-clause 6 of the licnece the company could pay remuneration to its members but only with the previous approval of Central Government - petitioner was aggrieved by the remuneration paid by the company to its members in the year 2008-09, 2009-10, 2010-11 - prayer made in this petition is that appropriate action be taken against the company for the breach committed by it of Sec 25 of Companies Act under which the licence has been granted - submission being that the breach of the mandatory conditions of the licence amounts to an automatic revocation - Except sub-section (10) of Section 25 of the Companies Act, there is no provisions u/s 25 of the Act which lays down a penalty for non-compliance of the licence granted u/s 25; for a breach of such conditions provisions of Sec 629 A of the Act have to be resorted to - no infirmity in impugned order of CLB; it calls for no interference. Appeal is without any merit; it is accordingly dismissed with costs of Rs. 20,000/-.
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