TMI Blog2016 (12) TMI 186X X X X Extracts X X X X X X X X Extracts X X X X ..... vour of ''Pay and Accounts Officer, Ministry of Corporate Affairs, payable at par". As the compounding fee has been remitted by the Applicants, the offence stated in the petition is compounded. A copy of this Order be sent to Registrar of Companies, Karnataka. Bengaluru for appropriate action. - T.P.NO. 134/2016, C.A. NO. 292/621A/CB OF 2014 - - - Dated:- 7-10-2016 - SHRI RATAKONDA MURALI AND SHRI. ASHOK KUMAR MISHRA, JJ. For The Applicant : Mr. Rajesh Dwarka Sharma, Practicing Company Secretary and Authorised representative ORDER The Petition was originally filed before the Company Law Board, Southern Region. Chennai under Section 621A of the Companies Act, 1956 for purpose of compounding for violation of provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial years 2012-13 and 2013- 14. However, the Board could not convene any Board Meetings during the financial years 2012-13 and 1st two quarters of financial year 2013-14 and as a result the general notice of disclosure given by the Directors as per the provisions of sub-section (3) of section 299 of the Companies Act, 1956 could not be taken note and read in the Board Meeting and thereby non-compliance of sub-section (3) of section 299 of the Companies Act, 1956. In fact in the Board Meeting held on 20/05/2014 the company had taken note of the general notice of disclosures submitted by the Directors under sub-section (3) of section 299 of the companies Act, 1956 for the financial years 2012-13 and 2013-14. It is further averred that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n note of general notice of disclosure statement submitted by the Directors. He prayed for compounding for the violation taking a lenient view. Report from the Registrar of Companies, Bengaluru was received vide letter No. ROC-STA/Section 621-A/Sec 217 299/Co No. 36515/Report/2014 dated 08/08/2014 who recommended for compounding and further stated in the report that petition may be decided on merits. We have gone through the documents filed by the Petitioners, we have seen copy of Board Resolution dated 26/02/2014 where in Board resolved to file compounding application for violation of various provisions of the Companies Act. 1956. We have also seen the extract of the Board Meeting held on 20/05/2014 to the effect that the Board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the opinion that violation can be compounded by levying the compounding fee as shown below in the table: Sl. No. Particulars Violation of Sec.299 (3) of Companies Act, 1956 Delay of 547 days Total Rs. Grand Total Rs. 1 1st Applicant Company 1,000/- 547 x 50/- 27,350/- 28,350.00 2 2nd Applicant 1,000/- 547 x 50/- 27,350/- 28,350.00 3 3rd Applicant 1,000/- 547 x 50/- 27,350 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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