TMI Blog2018 (9) TMI 1984X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 165 of Companies Act, 2013, we set aside the impugned order. However, taking into consideration the facts and circumstances of the case, we impose minimum fine at the rate of five thousand rupees for every day after the first during which the contravention continued. The default having continued for 849 days w.e.f. 01st April, 2015 to 18th July, 2017, we quantify the penalty to ₹ 42 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lakhs, with following observations:- 6. Under the circumstances, notwithstanding what would be the minimum quantum of fine imposed by the Prosecuting court after a prolonged trial at the time of sentencing. The Bench deems it just, fit and proper to direct compounding of the default on payment of a fee of ₹ 10,00,000/- for perpetuation of the offence for about 849 days. 2. Learned Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Respondent/ Petitioner submitted that the penalty provided under sub-section (6) of Section 165 of Companies Act is not mandatory. 5. However, we do not agree with such submission in view of the provision as quoted above, which prescribe minimum penalty. The legislature having prescribed minimum fine, which shall not be less than five thousand rupees for every day and maximum fine of twenty-f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Two Lakh Forty Five Thousand Only). On the other hand, if the fine is calculated at the rate of twenty-five thousand rupees every day the default having continued for 849 days, the total amount of fine comes to ₹ 2,12,25,000/- (Rupees Two Crore Twelve Lakh Twenty Five Thousand Only). 8. Having heard learned counsel for the parties as we find that the impugned order dated 28th March, 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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