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2020 (8) TMI 579 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHILevy of penalty - failure to hold Annual General Meeting of the Company for the years 2012, 2013, 2014 and 2015 - violation of provisions under Section 166 of Companies Act - HELD THAT:- Admittedly, the Appellant Nos. 2 to 4 did not hold Annual General Meeting of the Company for the years 2012, 2013, 2014 and 2015 and thus violated the Provisions under Section 166 of Companies Act which is punishable under Section 168 of the Companies Act, 1956 till 31.03.2014. Thereafter, violated the Provisions under sub-section (1) of Section 96 of Companies Act, 2013 which is punishable under Section 99 of Companies Act, 2013. The Act came into force on 01.04.2014. Hence, the period of violation is 01.04.2014 to 09.07.2017. RoC in his Report has mentioned the total amount of Penalty to be imposed on each Appellant which is 2,35,90,000/- however, the Ld. Tribunal has imposed Penalty on each Appellant 27,09,000/- Ld. Tribunal to maintain the consistency has to impose Penalty which is as per calculation maximum fine ₹ 2,35,90,000/-. 1/5th of the maximum amount is ₹ 47, 18,000/-. However, Ld. Tribunal has imposed Penalty ₹ 27, 09,000/- which is less than 1/5th of the Maximum amount - thus, Ld. Tribunal has undertaken a lenient view in imposing Penalty. Appeal dismissed.
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