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2017 (8) TMI 138 - Tri - Companies LawSeeking compounding of an offence allegedly committed under Section 297 of the Companies Act, 1956 - Held that:- Since the violation pertains to years 2007-2011 therefore the applicable provisions will be under the Companies Act, 1956 and accordingly we are inclined to compound the violation under Section 297 in terms of provisions of Section 621A of the Companies Act, 1956 with the following directions. (a) All the Applicants are directed to pay a sum of ₹ 6,20,000/- (Rupees Six Lakhs Twenty Thousand only) each towards Compounding Fee. The first transaction of the Company under the provisions of Section 297 of the Companies Act, 1956 was on 16.10.2007 and the same was made good on 31.03.2011. (approx 1230 days X ₹ 500 = ₹ 6,15,000 +5000=6,20,000). (b) All the Applicants are also required to pay the Compounding fee within a period of three weeks from the date of receipt of copy of the order and report compliance of the same to the Registry. (c) All the Applicants are warned to be careful in future and not to repeat any violation of the provisions of the Companies Act or else serious view will be taken by the Tribunal.
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