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TMI Blog2014 (4) TMI 1021X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot make any grievance in this regard. The appellant also cannot be aggrieved by compounding of an alleged offense under Section 25 as it is the case of the appellant that no such offense had occurred. The principal grievance of the appellant is not against the compounding of the alleged offences but against the introduction of a new set of Articles of Association, which the appellant contends is without due sanction of the members of the company. It is not necessary in these proceedings to adjudicate whether a new set of Articles of Association has been filed or whether the same has the approval of the members of the respondent company. The appellant is at liberty to raise such contentions in appropriate proceedings. It is open for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the period of 30 days of passing the same as required under the Act. It was also contended that Section 25(8) of the Act required prior approval of the Central Government for any modification in the Articles of Association of the Company and there was also a default in compliance of the said provision of the Act. 3. The Company Law Board passed the impugned order allowing the compounding of the defaults, for the financial years 2002-03 to 2013-2014, by imposing a penalty of Rs.60,000/- on the respondent company and Rs.36,000/- on each of its officers under section 25(8) of the Act and further imposing a penalty of Rs.48,000/- on the respondent company and Rs.24,000/- on each of its officers under section 192 of the Act. 4. It is a g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w, the appellant cannot be aggrieved by the impugned order of the Company Law Board compounding certain defaults which are voluntarily disclosed by the company. It is also not in dispute that the Resolution passed in the 36th EOGM had not been registered. Thus, admittedly a default under Section 192 had occurred and the same has been compounded. The appellant cannot make any grievance in this regard. The appellant also cannot be aggrieved by compounding of an alleged offence under Section 25 as it is the case of the appellant that no such offence had occurred. 7. The principal grievance of the appellant is not against the compounding of the alleged offences but against the introduction of a new set of Articles of Association, which the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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