TMI Blog2018 (11) TMI 1312X X X X Extracts X X X X X X X X Extracts X X X X ..... end to twenty-five lakhs rupees, and every officer of the Company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees or with both. The Applicants i.e., Company and its two Officers, as mentioned above, are liable to be penalized under Section 134(8) of the Companies Act, 2013, for violation of the provisions of Section 134(3)(o) r.w. Section 135 of the Companies Act, 2013. The Applicants pleaded for taking lenient view on the ground that this is the first offence, which has been confirmed by the concerned RoC. Therefore, the Application of the Company and its Officers in default is al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Companies Act, 2013, before the Dy. Registrar of Companies, Chennai. The offence arose when the Company and its Officers failed to disclose the details about the policy developed and implementation by the Company on Corporate Social Responsibility initiatives taken during the years 2014-2015, in the reports of the Board of its Directors. 3. The Applicants submit that the Company was in its initial stages of implementing its CSR policies, the management was of the view that the disclosure required to be made u/s. 134(3)(o) read with section 135 (2) of the Companies Act, 2013 is not mandatory and inadvertently missed out to give the required disclosures under the said section in the Board s Report pertaining to the financial year ende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,50,000/- i.e. ₹ 50,000 on each the Company, and its two Officers, who are in default viz., (1) Mr. Subramanian Vaithilingam (Director) (2) Mr. Subbiah Muthuvel (Director). The Company is directed to pay the penalty from its accounts but the two officers in default shall pay the penalty from their own resources. The Applicants shall comply with the Order within three weeks from the date, the Order is uploaded on the website of the NCLT. The Company is directed to file a copy of this Order along with the required Form with the Registrar of Companies, Chennai, within the time prescribed. 7. Accordingly, the Application is disposed of. The certified copy of this Order shall not be issued to the Applicants unless the amount of fine ..... X X X X Extracts X X X X X X X X Extracts X X X X
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