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2018 (11) TMI 1312 - Tri - Companies LawCompounding of the offences committed under Section 135 r.w. Section 134(3)(o) of the Companies Act, 2013 - Held that:- Company and its Officers who are in default have violated the provisions of Section 134(3)(o) r.w. Section 135 of the Companies Act, 2013, which is punishable under Section 134(8) of the Companies Act, 2013. The said offence is not intentional and it is not prejudicial to the interest of the shareholders or the creditors. The provisions of Section 134(8) of the Companies Act, 2013, provide that the Company shall be punishable with fine which shall not be less than fifty thousand rupees but which extend to twenty-five lakhs rupees, and every officer of the Company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees or with both. The Applicants i.e., Company and its two Officers, as mentioned above, are liable to be penalized under Section 134(8) of the Companies Act, 2013, for violation of the provisions of Section 134(3)(o) r.w. Section 135 of the Companies Act, 2013. The Applicants pleaded for taking lenient view on the ground that this is the first offence, which has been confirmed by the concerned RoC. Therefore, the Application of the Company and its Officers in default is allowed and the offence is compounded in exercise of the powers conferred under Section 441, by imposing a fine under Section 134(8) of the Companies Act, 2013, to the tune of ₹ 1,50,000/- i.e. ₹ 50,000 on each the Company, and its two Officers, who are in default viz., (1) Mr. Subramanian Vaithilingam (Director) (2) Mr. Subbiah Muthuvel (Director). The Company is directed to pay the penalty from its accounts but the two officers in default shall pay the penalty from their own resources. The Applicants shall comply with the Order within three weeks from the date, the Order is uploaded on the website of the NCLT.
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