9911796707
TMI Blog2017 (5) TMI 1225X X X X Extracts X X X X X X X X Extracts X X X X ..... tters transferred from Company Law Board to NCLT shall be disposed of in accordance with the provisions of Act 18 of 2013 or Companies Act, 1956. Since Section 441 of the Act has not come into force by the date of violation and by the date of filing of this petition, this Tribunal has to follow the procedure laid down under Section 621A of the Companies Act, 1956. Considering violation of Section 307(1) and also considering the long duration of violation, this Tribunal is directing the petitioners 1 to 6 are directed to pay ₹ 50,000/- each for the violation of Section 307(1) of the Act. The violation continues for eight years, i.e. 2920 days. Therefore, each of the petitioners is directed to pay ₹ 100/- for each day of violat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld by him or in trust for him or of which he has any right to become the holder whether on payment or not. But the Register of directors' shareholding does not disclose the complete particulars as required under Section 307 of the Act. According to the report of the Registrar of Companies, this violation was committed during the years 2001 to 2008. 3. The petitioners, admitting the violation, filed an application before the Registrar of Companies on 25th March, 2010. The said application was forwarded by the Registrar of Companies to the Company Law Board, Mumbai, vide its report dated 22nd October, 2012. Thereafter, additional report dated 13.05.2013 was forwarded to the Company Law Board. Subsequently, the matter was trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 2013 came into force. Therefore, this Tribunal has to follow the procedure as laid down under Section 621A of Companies Act, 1956. 8. The Ministry of Corporate Affairs, by of notification No. SO 1936E dated 01.06.2016 declared that the matters transferred from Company Law Board to NCLT shall be disposed of in accordance with the provisions of Act 18 of 2013 or Companies Act, 1956. Since Section 441 of the Act has not come into force by the date of violation and by the date of filing of this petition, this Tribunal has to follow the procedure laid down under Section 621A of the Companies Act, 1956. 9. Considering the facts and circumstances and considering the fine amount provided for the violation of Section 307(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
