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2021 (12) TMI 386 - NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARHCompounding of offences and payment of compounding fee - issuance of securities beyond thresold limit - Section 441 of the Companies Act, 2013 read with Section 67(3) of the Companies Act, 1956 - HELD THAT:- As per the provisions of Section 441(1) of the Act, compounding can be made of any offence punishable under the Act (whether committed by a company or any officer thereof) not being an offence punishable with imprisonment only, or punishable with imprisonment and also with fine. Section 441(6) also reiterates that any offence which is punishable under the Act with imprisonment only or with imprisonment and also with a fine shall not be compounded. In the present case, the default is for non-compliance of Section 67(3) of the Companies Act, 1956 and the penalty for the default in noncomplying with Section 67(3) is provided for in Section 629A of Companies Act, 1956 - the third proviso to Section 441(1) of the Act provides for non-compounding of offence if the investigation against the company has been initiated or is pending under the Act. We have already discussed above that the report of the RoC has stated that there are no complaints and there is no inspection/investigation pending. In the present case, the company has made an application suo motu and has stated that this or similar offences has not been compounded during the last three years - it is considered reasonable to compound the offence under Section 67(3) of the Companies Act, 1956 in the case of Capital Small Finance Bank Limited on payment of a compounding fee of ₹8,00,000/- - amount of the compounding fee be deposited with the ‘Pay and Accounts Officer’ Ministry of Corporate Affairs, New Delhi within a period of one month from the date of receipt of certified copy of the order. Petition disposed off.
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