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TMI Blog2019 (6) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... punishable with imprisonment up to six months or with fine alone or with both. The present Company Petition is conditionally allowed and stands disposed of. - C.P. No. 32/441/NCLT/AHM/2018 - - - Dated:- 28-3-2019 - MR HARIHAR PRAKASH CHATURVEDI MEMBER (J) AND MS. MANORAMA KUMARI, MEMBER (J) For The Petitioner : Mr Jaymeen Trivedi, PCS For The ROC : None ORDER Per : Harihar Prakash Chaturvedi, Member (J). 1. Present Applicants, being Directors of the Company, viz., M/s. Pranatpal Tradelink Private Ltd., earlier filed an Application before the Registrar of Companies, Gujarat, Dadra and Nagar Haveli, for compounding of offences against them for alleged violation of Section 217(1) of the Companies Act, 1956 (Act 1956). 2. Thereafter, the Registrar of Companies, Gujarat, forwarded their Application along with its comments to this Tribunal to be decided on its merits. Thereafter, it is registered in this Tribunal as Company Petition No. 32/441/NCLT/AHM/2018. 3. The averments made in the present Company Application for compounding the offence alleged ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry officers of the company, in default. PLEASE NOTE that if no satisfactory reply is received within 10 days from the date of this notice, it will be presumed that you have nothing to say in the matter and there after this office shall have no other alternative but to take legal action as aforesated. The company and every officers of the company, in default are however at liberty to approach the compounding authority for compounding of the offences so committed, if they so desire, by filing appropriate compounding application in accordance with the provisions of the Companies Act, 2013 . 3.3 It is explained and submitted by the applicants that the Board of Directors of the company had prepared a Director's Report for the Financial Year 2010-11 as per the provisions of Section 217(1) of the Companies Act, 1956, the same was approved by the Board of Directors of the company in their Board Meeting dated 10th August 2011, and further circulated to the shareholders of the company in its Annual General Meeting held on 3rd September, 2011. It is further submitted that as per Section 217(1) of the Companies Act, 1956, The Board&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. For the aforesaid reasons, applicants have prayed for compounding the alleged offence/statutory violation with following prayers: (a) that every officer of the company who is in default mentioned herein as Applicant 1 and Applicant 2 may be discharged as if no offence has been committed or allow composition of offence by imposing minimum possible compounding fees under the provisions of the Companies Act, 1956 as indicated in the show cause notice. 5. In the present matter, the Registrar of Companies, Gujarat, Dadra and Nagar Haveli, has submitted a report dated 27th February, 2018, by making some observations and comments, which are reproduced hereinbelow: COMMENTS It is submitted that during the course of technical scrutiny of the balance sheet of the company as at 31.03.2011, it was observed that the Boards Report is not attached with the Balance Sheet as at 31.03.2011 as required under section 217(1) of the Companies Act, 1956. Therefore, the officers of the company, in default have violated the provisions of section 271(1) of the Companies Act, 1956. The applicants in para no. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Nagar Haveli, during the course of making scrutiny of company's Balance Sheet of 31.03.2011, such violation/offences are made punishable under Section 217(5) of the Companies Act, 1956, but also made as compoundable under Section 621A of the Companies Act, 1956. Hence, the issue involved in the present application needs to be dealt with above stated provisions specifically Sections 217(5) and 621A of the Companies Act, 1956. 8. We have heard the submission of Ld. PCS of the applicants and have gone through the contents of present compounding application. 9. By perusal of the material available on record, the alleged contravention seems to be technical in nature and due to some procedural lapses on the part of its directors for not enclosing board's report along with the company's balance sheet as on 31.03.2011. However, the applicants have now attached the Board's Report for the Financial Year 2010-2011 along with this compounding application. Thus, they have made good of alleged lapses. The applicants have further explained that non-attaching of Board's Report of the Company with the Balance Sheet was erroneous, but without ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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