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IN RE : M/s CONTROL4 INDIA PRIVATE LIMITED AND OTHERS

2016 (10) TMI 558 - NATIONAL COMPANY LAW TRIBUNAL, BENGALURU

Application filed suo-moto for compounding - Held that:- 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 contended that Annual General Meeting was held subsequently on 27/11/2014 and accounts were approved by the share holders of the company. The Practicing Company Secretary further stated that applican .....

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ract of the Board Resolution dated 15/03/2016. The Resolution reads that the Board of Directors agreed 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. The compounding fee lev .....

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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 section 621A of Companies Act, 1956 for compounding of offence for violation of section 96 of Companies Act, 2013 punishable under section 168 of the Companies Act, 1956 which is corresponding to section 99 of the Companies Act, 2013. Averments in the petition in brief is that, 1st Applicant is a company incorporated with name and style of .....

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ngaged in personalized automation and control solutions etc. The authorized share capital of the company is ₹ 5,00,000/- (Rupees Five Lakhs only) divided into 50,000 equity shares of ₹ 10/- each. The issued, subscribed and paid-up share capital of the Company is ₹ 1,00,000/- (Rupees one lakh only) consisting of 10,000 equity shares of ₹ 10/- each. The 1st Applicant is a private limited company and the Applicants 2nd, 3rd and 4th are directors. It is stated that, there was .....

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were approved and adopted by the share holders of the company. The balance sheet and annual return were filed in the Registrar of Companies, Bengaluru on 14/01/2015. Thus the violation 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 Gen .....

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