9911796707
TMI Blog2017 (3) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... ereinafter referred to RIC), was incorporated in India in March 1995 as a subsidiary of a foreign holding. Accordingly it is also treated as a Public Ltd. Company. Its authorised share capital was 23 crores divided into 23 lacs shares of Rs. 100/- each. The main objects of the company was to design, style, manufacture, produce, merchandise, buy, sell, export & import all types of footwear, parts and components thereof, and accessories thereto. The applicant herein was appointed as the Managing Director on 01.10.2003. He resigned from the company on 28.03.2012. During his tenure, in August 2009, the company received a notice from RoC in respect of various non- compliance and violations u/s 58A, 209(1) & (6) r/w 209 (5) AS-9 r/w 211 (3A) (3B) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any. Bills were also discounted on fictitious basis. Further, in violation of the provisions of Section 58A of the Companies Act, 1956 deposits were also accepted under the guise of a franchise referral programme. 4. Though the RoC has sent a report quantifying the fees attracted for compounding and also bringing to the notice of this Bench the factum of pending Criminal Cases, the SFIO has filed a detailed report vehemently resisting any indulgence being granted to the applicant. 5. The discretion to compound an offence under the Companies Act is with the Tribunal and should primarily be exercised in cases of inadvertent technical aberrations. The technicalities under the Companies Act are vast, complicated and time bound and often escap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pounding in all these petitions cannot be permitted, as these were not due to any bonafide omission or a delayed rectification of a statutory requirement. The offences herein under the Companies Act and those under the Penal Code are intrinsically linked and incurable. Compounding of the offences under the Companies Act would hamper the Criminal Prosecutions and no accused should be allowed to get away with deliberate large scale bungling and fabrication of documents carried out with criminal intention. 8. Under such circumstances, the petitioner/applicant is not entitled to compounding of the offences under the Companies Act. 9. The prayers made for compounding of the various offences inter alia under sections 255 & 256, 297, 255, 217(4) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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