TMI Blog2021 (6) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... ough filed belatedly its Annual Returns for the Financial Years 2003-2004, 2004-2005, 2005-2006 and 2006-2007 - The present Application can be allowed subject to payment of compounding fee and penalty as per the prescribed section 92(5) where the Company and its every officer who is in default shall be liable to a penalty of fifty thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default . The applicant Company is directed to pay ₹ 50,000/- per day from the date of Default and the Directors herein shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial Year. Further, every Company was required to file with the Registrar a copy of the Annual Return, within sixty days from the date on which the Annual General Meeting is held or where no Annual General Meeting is held in any year within sixty days from the date on which the Annual General Meeting should have been held by the Company. 3. The Ld. Representative for the Applicants/Defaulters herein, submits that the Company has undertaken the Annual General Meeting for the respective Financial Years but the Company did not proceed with the filing of the Annual Returns for the above mentioned years due to inadvertence and lack of professional guidance. 4. The Ld. Representative for the Applicants/Defaulters herein, submits that fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Compounding fee may be imposed. Findings: 8. We have gone through the pleadings available on record and duly considered submissions made by the Learned Representative for the Applicants / Defaulters herein. The sections which are relevant for disposal of the present application reads as under:- Section 92 (4) (4) Every company shall file with the Registrar a copy of the annual return within sixty days from the date on which the annual general meeting is held or where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held together with the statement specifying the reasons for not holding the annual general meeting, with such fees or additional f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default 12. On furnishing the proof of payment of compounding fees and amount of penalty, the RoC shall compound the alleged offence committed/contravened by the Applicant and further may file appropriate application before the Court of Additional Chief Metropolitan Magistrate for withdrawal of the prosecution and to act as per the Order that may be passed by the Court. 13. On examination of the circumstances as discussed above and after considering the submissions made, the applicant Company is directed to pay ₹ 50,000/- (Rupe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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