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TMI Blog2017 (7) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... have taken the case on records of NCLT, Hyderabad Bench and deciding the case. 2. The present Application has been filed by the Applicants, under section 621A of the Companies Act, 1956 for compounding the offence under Section 211(1) of the Companies Act, 1956. In this regard Form GNL-1 had been filed vide SRN C79602421, dated 23.02.2016 for compounding of the offence. 3. The brief facts of the case as mentioned in the Application are as follows: a) The Applicant Company Jagati Publications Limited was originally incorporated as Private Limited Company on 14.11.2006 and was converted into Public Limited Company on 12.01.2009 under the Companies Act, 1956 vide CIN U22212TG2006PLC051651 having its registered office at 6-3-249/1, Sakshi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e end of the financial year and shall subject to the provisions of this section be in the form set out in Part-I of Sch.VI, or as near there as circumstances admit or in such other form as may be approved by the Central Government either generally or in particular case, and in preparing the balance sheet due regard shall be had, as far as may be, to the general instructions for preparation of balance sheet under the heading "Notes" at the end of the part. f) The Balance Sheet as at 31.3.2009 prepared by the company disclosed the Issued Capital as Rs. 84,41,80,000/- (Rupees Eighty Four Crores Forty One Lakhs Eighty Thousand only) falsely instead of disclosing the issued capital as Rs. 100,00,00,000/- (One Hundred Crores only) thereby resul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iance by the company, as respects any accounts laid before the company in general meeting, with the provisions of this section and with the other requirements of this Act as to the matters to be stated in the accounts, he shall, in respect of each offence, be punishable with imprisonment for a term which my extend to six months, or with fine which may extend to ten thousand rupees, or with both. k) This is a fit case for grant of relief by composition of offence and the Bench may kindly take a convenient view and may levy the compounding fees reasonably. 4. Registrar of Companies, Hyderabad, submitted his report vide No. RAP&TG/Jagati/621A/STA/2016/Sec211/(1)/938 dated 25.05.2016 stating that the present application was made based on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e or both, even without referring to any Criminal Court or Special Courts. Therefore, he prayed that the Tribunal can allow the present compounding offence. 6. With regard to the question whether NCLT has full powers to compound offences attracting imprisonment or fine or both, even without referring to any Criminal Court or Special Courts was already discussed by this Bench in detail in the matter of Cambridge Technology Enterprises Ltd., In re [2017] 77 taxmann.com 270/139 SCL 312 (NCLT - Hyd.). Therefore, to avoid repetition of the stand already taken by this Tribunal, we deem fit not to elaborate the same in this order. 7. The Authorised representative of Jagati Publications Limited, submitted a letter subsequent to the hearing held o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rting the basic and vital information about the share capital which was also audited by a reputed Chartered Accountants firm and signed by the four responsible officials of the Company. Balance sheet of a Company is an important / basic Financial Statement used by stakeholders for various purposes. Generally, Audited Balance Sheet will depict correct /factual amount under various heads and especially there cannot be any factual error with reference to Authorised, Issued and Subscribed Capital of any Company. Therefore, the Balance Sheet as at 31.03.2009 is not in accordance with Section 211(1) of Companies Act 1956 in as much as "True & Fair view" is not depicted in the Balance Sheet, thereby resulting in disclosing false particulars of is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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