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2016 (10) TMI 437 - Tri - Companies LawViolation of the section 295 of the Companies Act, 1956 - Held that:- As not in dispute that the Applicants have admitted violation of the section 295 of the Companies Act, 1956 and have come forward voluntarily to the Tribunal by seeking permission to compound the violation by paying the fine as prescribed under the Act. We hold that the facts and circumstances of the case justify exercising powers conferred upon the Tribunal under the Companies Act in permitting the applicants to compound the violations in question. In view of the above facts and circumstances of the case and in the interest of justice, we are inclined to permit the applicants to compound the violation as mentioned above by paying the compounding fee. We direct the 14 applicants to pay ₹ 50,000/- (Rupees Fifty Thousand only) each and deposit the same with the authorities within two weeks. Further we also direct the applicants to ensure compliance of Section 295 within four weeks from the date of receipt of the Order and report the compliance.
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