TMI Blog2017 (8) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicants have paid the compounding fee by depositing 9 Demand Drafts of different Banks drawn on 01/07/2016 in favour of “Pay and Accounts Officer, Ministry of Corporate Affairs, payable at Chennai”. And as the compounding fee has been remitted by the Applicants, the offence stated in the petition is compounded. - T.P. NO. 281/2016 - - - Dated:- 4-7-2017 - MR. RATAKONDA MURALI AND MR. ASHOK KUMAR MISHRA, JJ. For The Applicant : Ms. Sheela Arvind ORDER Per Hon'ble Shri Ashok Kumar Mishra, Member (Technical)- Author The Application was originally filed before the Company Law Board, Southern Region, Chennai under section 621A of the Companies Act, 1956 for the 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 ..... rticles of Association of the Applicant Company. It is averred in the Company Application that, the 1st Applicant Company could not conduct its Annual General Meeting for the financial year 2012-13 as required under Section 166 of the Companies Act, 1956 and failed to place before the Board of Directors for approval of the Financial Statements for the year ending 31st March 2013 although the financial statements were ready. As the financial statement was not presented before the Members in Annual General Meeting, the Annual Returns were not filed within the prescribed due date, stating the reasons that, the Company has certain internal issues relating to the Board of Directors and they are not in agreement with each other with respect to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 210 of the Companies Act, 1956. The Practicing Company Secretary further contended that, a lenient view may be taken while compounding the offence. Section 166 (1) of the Companies Act, 1956 reads as follows:- Every company shall in each year hold in addition to any other meetings a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it; and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next: For the violation of section 166 (1) of the Companies Act, 1956, the punishment is provided under section 168 of the Companies Act, 1956 reads as follows:- if default is made in holding a meeting of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016. Before erstwhile Company Law Board, Southern Region, Chennai this application was filed. Therefore, this application is to be decided under the provisions of section 621A of the Companies Act, 1956. We have heard the Practicing Company Secretary for Applicants, who contended that, the default occurred due to certain internal issues relating to the Board of Directors and they are not in agreement with each other with respect to the affairs of the Company. The Practicing Company Secretary for Applicants further contend that, the 1st Applicant Company had complied with the requirement of Sections 166 and 210 of the Companies Act, 1956 and filed Form 61 vide SRN No. C00862839 on 27th March 2014 with the Registrar of Companies, Karnata ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 250/- x 83 = 20,750/- - 25,750/- 2 2nd Applicant- -Chairman 5,000/- 250/- x 83 = 20,750/- 6,000/- 31,750/- 3 3rd Applicant - Managing Director 5,000/- 250/- x 83 = 20,750/- 6,000/- 31,750/- 4 4th Applicant - Jt. Managing Director 5,000/- 250/- x 83 = 20,750/- 6,000/- 31,750/- 5 5th Applicant- Director ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kotak Mahindra Bank Ltd., MG Road,Bangalore 2 2nd Applicant- -Chairman 31,750/- 830033/01/07/2017 HSBC ltd., Bangalore 3 3rd Applicant - Managing Director 31,750/- 830034/01/07/2017 HSBC ltd., Bangalore 4 4th Applicant - Jt. Managing Director 31,750/- 166568/01/07/2017 Kotak Mahindra Bank Ltd., MG Road,Bangalore 5 5th Applicant- Director 31,750/- 830035/01/07/2017 HSBC ltd., Bangalore 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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