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2016 (10) TMI 437 - NCLT HYDERABAD

2016 (10) TMI 437 - NCLT, HYDERABAD - TM - Violation of the section 295 of the Companies Act, 1956 - Held that:- As not in dispute that the Applicants have admitted violation of the section 295 of the Companies Act, 1956 and have come forward voluntarily to the Tribunal by seeking permission to compound the violation by paying the fine as prescribed under the Act. We hold that the facts and circumstances of the case justify exercising powers conferred upon the Tribunal under the Companies Act in .....

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295 within four weeks from the date of receipt of the Order and report the compliance. - C.A.NO. 17/HDB/2016 - Dated:- 26-8-2016 - Mr. RAJESHWARA RAO VITTANALA AND Mr. RAVIKUMAR DURAISAMY, JJ. For The Applicant : Sri S. Chidambaram ORDER (As per Rajeswara Rao Vittanala, Member(J)) The application was initially filed before Company Law Board, Chennai Bench, Chennai. Since, NCLT, Hyderabad Bench has been constituted for the cases relating to the states of Andhra Pradesh and Telangana, the case .....

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d Company on 19th December, 2008. The Corporate Identity Number (CIN) of the company is U24129AP2007PLC052216. On 21st September 2015, the company has changed its name to K.P.R. Agrochem Limited. The Registered Office of the Company is situated at Door No. 8-256, Tata Nagar, Balabhadrapuram-533 343, Andhra Pradesh. Authorised Share Capital is ₹ 125,00,00,000/- (Rupees One Hundred and Twenty Five Crores only) divided into 12,50,00,000 (Twelve Crores Fifty Lakhs) shares of ₹ 10/- (Rupe .....

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owing companies, in which the directors of the applicant company are also directors/members and to the firms in which either directors of the Applicant No. 1 Company or their relatives are partners. S. No Period/Date of violation Names of the parties Particulars of transactions 1 24.08.2009 1. Arvind Seeds Private Limited Provided collateral security for the loans by the parties 2. Sri Sai Swarupa Seeds Private Ltd 2 12.05.2010 1. Arvind Seeds Private Limited Provided collateral security for the .....

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pa Agro Storage 7 10.10.2011 1. Sri Lakshmi Agro Warehouse Provided collateral security for the loans by the parties 2. Sai Swarupa Agro Storage 8 21.12.2011 1. Sri Lakshmi Agro Warehouse Provided collateral security for the loans by the parties 2. Sai Swarupa Agro Storage 9 30.11.2012 1. Sri Lakshmi Poultry Complex, Hospet Provided collateral security for the loans by the parties 2. Padmaja Farms 10 2012-13 Padmaja Farms Given Advance to the relative of a Director 11 26.02.2014 Provided collate .....

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or relative is a partner; (c) any private company of which any such director is a director or member, (d) anybody corporate at a general meeting of which not less than twenty-five per cent of the total voting power may be exercised or controlled by any such director or by two or more such directors together; or (e) anybody corporate, the Board of directors, managing director, or manager whereof is accustomed to act in accordance with the directions or instructions of the board, or of any direct .....

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h the grant of Central Government. As per section 295(4) of the Companies Act, 1956, every person who is knowingly the party to the contravention of sub-section (1) or (3) including any particular person to whom the loan is made (or) who has taken the loan in respect of which guarantee is given or the security is provided, shall be punishable either with fine which may extend to ₹ 50,000/- or with simple imprisonment for a term which may extend to 6 months. It is further stated that the ap .....

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Registrar of Companies, Hyderabad for the State of Andhra Pradesh and Telangana vide proceedings No. RAP/Legal/Sec.295/621A/KPR/STA/2016/613 dated 02.05.2016. 6. The Learned Practicing Company Secretary reiterated the contentions raised in the application and also submitted that since this is the first violation of this nature, the Tribunal may take lenient view of the matter and permit the applicants to compound the violation in question with minimum of the fine prescribed in section 295(4) of .....

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