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TMI Blog1977 (5) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... he petitioners by the Registrar of Companies (hereinafter referred to as "the Registrar") alleging that according to the provisions of section 220(1) of the Companies Act, 1956 (hereinafter referred to as "the Act"), the company and its directors were under statutory obligation to file with the Registrar within thirty days of the date of the annual general meeting, the balance-sheet in the prescribed form which had been duly placed in the annual general meeting. It was further alleged that the balance-sheet of the company as on the 30th June, 1966, was required to be placed in the annual general meeting by the 30th December, 1966, and it was required to be filed in the office of the Registrar not later than the 30th January, 1967, but the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid before a company at an annual general meeting as aforesaid, there shall be filed with the Registrar within thirty days from the date on which the balance-sheet and profit and loss account were so laid ( a )three copies of the balance-sheet and the profit and loss account, signed by the managing director, etc .. (2) If the annual general meeting of a company before which a balance-sheet is laid as aforesaid does not adopt the balance-sheet, a statement of that fact and of the reasons therefor shall be annexed to the balance-sheet and to the copies thereof required to be filed with the Registrar. (3) If default is made in complying with the requirements of sub-sections (1) and (2), the company, and every officer of the company wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... travention of section 220 of the Companies Act, 1956, commencing from 31-1-1967 to the date of the complaint." It is manifest that paragraph No. 5 only mentions the requirement of the law as laid down in sub-section (1) of section 220 of the Act. The allegation in paragraph No. 6, is to the effect that the balance-sheet was not filed before the Registrar within the time fixed by sub-section (1). There is no allegation anywhere in the complaint that the balance-sheet and the profit and loss account had been prepared and that an annual general meeting had been held and the same had been laid before the company in that meeting. On the other hand, when the accusations were explained to Sri Harinandan Prasad, Advocate, who had been allowed und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection. It is possible to conceive of the law providing that the balance-sheet and profit and loss account shall be sent to the Registrar even without the necessity of their being laid before the general body meeting of the company. In that case, any failure to do so would be punishable and the question whether a general body meeting had been held and the balance-sheet and profit and loss account have been laid before it will not arise. Therefore, the condition precedent or the essential prerequisite of the balance-sheet and the profit and loss account being laid before the general meeting of the company not being fulfilled, the requirement of section 134 cannot be complied with." The above observations fully support the view I have taken ..... X X X X Extracts X X X X X X X X Extracts X X X X
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