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TMI Blog2016 (10) TMI 558X X X X Extracts X X X X X X X X Extracts X X X X ..... presentative ORDER The Petition was originally filed before Company Law Board, Southern Region, Chennai and further consequent upon the establishment of National Company Law Tribunal Bench at Bengaluru, the said case was transferred to this Tribunal on abolition of Company Law Board, Southern Region, Chennai Bench. The Petition was numbered as T.P. No. 288/2016. This petition is filed under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t activity of the company is engaged in personalized automation and control solutions etc. The authorized share capital of the company is Rs. 5,00,000/- (Rupees Five Lakhs only) divided into 50,000 equity shares of Rs. 10/- each. The issued, subscribed and paid-up share capital of the Company is Rs. 1,00,000/- (Rupees one lakh only) consisting of 10,000 equity shares of Rs. 10/- each. The 1st Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is neither deliberate nor malicious and had occurred inadvertently in course of business. Therefore this application is filed suo-moto for compounding. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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. Considering the submissions m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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