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TMI Blog2016 (10) TMI 437X X X X Extracts X X X X X X X X Extracts X X X X ..... ants as mentioned above under section 621A read with section 295 of the Companies Act, 1956 and Regulation 14 of the Company Law Board Regulations, 1991. 3. K.P.R. Agrochem Limited was originally incorporated as K.P.R Fertilizers Private Limited on 2nd January, 2007 as Private Limited Company and converted in to Public Limited Company on 19th December, 2008. The Corporate Identity Number (CIN) of the company is U24129AP2007PLC052216. On 21st September 2015, the company has changed its name to K.P.R. Agrochem Limited. The Registered Office of the Company is situated at Door No. 8-256, Tata Nagar, Balabhadrapuram-533 343, Andhra Pradesh. Authorised Share Capital is Rs. 125,00,00,000/- (Rupees One Hundred and Twenty Five Crores only) divided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he parties 6 05.05.2011 1. Sri Lakshmi Agro Warehouse Provided collateral security for the loans by the parties 2. Sai Swarupa Agro Storage 7 10.10.2011 1. Sri Lakshmi Agro Warehouse Provided collateral security for the loans by the parties 2. Sai Swarupa Agro Storage 8 21.12.2011 1. Sri Lakshmi Agro Warehouse Provided collateral security for the loans by the parties 2. Sai Swarupa Agro Storage 9 30.11.2012 1. Sri Lakshmi Poultry Complex, Hospet Provided collateral security for the loans by the parties 2. Padmaja Farms 10 2012-13 Padmaja Farms Given Advance to the relative of a Director 11 26.02.2014 Provided collateral security for the loans by the parties As per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per section 295(4) of the Companies Act, 1956, every person who is knowingly the party to the contravention of sub-section (1) or (3) including any particular person to whom the loan is made (or) who has taken the loan in respect of which guarantee is given or the security is provided, shall be punishable either with fine which may extend to Rs. 50,000/- or with simple imprisonment for a term which may extend to 6 months. It is further stated that the applicants have committed the said violation without any mala fide intention, wilful or wanton. It is further contented that the above violation did not cause any prejudice to any of the shareholders or any other stakeholders. They also contend by accepting the violation as mentioned above an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal by seeking permission to compound the violation by paying the fine as prescribed under the Act. We hold that the facts and circumstances of the case justify exercising powers conferred upon the Tribunal under the Companies Act in permitting the applicants to compound the violations in question. THIS BENCH DOTH ORDER In view of the above facts and circumstances of the case and in the interest of justice, we are inclined to permit the applicants to compound the violation as mentioned above by paying the compounding fee. We direct the 14 applicants to pay Rs. 50,000/- (Rupees Fifty Thousand only) each and deposit the same with the authorities within two weeks. Further we also direct the applicants to ensure compliance of Section 295 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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