Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2016 (10) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 558 - Tri - Companies LawApplication filed suo-moto for compounding - Held that:- We have heard the Practicing Company Secretary who urged before us that due to some unavoidable circumstances, the accounts were not finalized and hence Annual General Meeting could not be held on time. The Practicing Company Secretary further contended that Annual General Meeting was held subsequently on 27/11/2014 and accounts were approved by the share holders of the company. The Practicing Company Secretary further stated that applicants voluntarily filed this suo-moto application accepting violation of provision of section 96 of Companies Act, 2013. The Practicing Company Secretary has further stated that violation is punishable under section 168 of companies Act, 1956. The Practicing Company Secretary further contended a lenient view may be taken as company has subsequently held Annual General Meeting with delay of 57 days. We have looked into the documents filed in support of the Petition. The petitioners relied on the extract of the Board Resolution dated 15/03/2016. The Resolution reads that the Board of Directors agreed to file suo-moto applications for compounding. Petitioners also filed photo-stat copy of statement of Profit & Loss A/c for the year ending 31/03/2014 and also financial statement for the year ending 31/3/2014. We have received report from the Registrar of Companies, Bengaluru who stated that violation can be compounded by levying compounding fee on the Applicants. The compounding fee levied shall be paid by the Applicants within 15 days from the date of this order.
|