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TMI Blog2019 (8) TMI 718X X X X Extracts X X X X X X X X Extracts X X X X ..... HEEMA J. (Judicial Member) For Appellants: Shri Ankit Totuka, Advocate For Respondent: Dr. Amol Shinde, DROC JUDGEMENT 1. This Appeal arises out of Impugned Order dated 19th November, 2018 passed by National Company Law Tribunal, New Delhi Bench, New Delhi (NCLT - in short) in CP No.20/441/2018. 2. It is stated that Cost Audit Report for 2013 - 2014 could not be prepared and filed in due time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iolation of Section 148(6) of the new Act. The NCLT considered the number of days' delay with regard to the default for the years 2013 - 2014 and the delays with regard to 2014 - 2015 and 2015 - 2016 and it was deemed sufficient to impose aggregate fine on the company and defaulting Directors as under:- Sl. No. Name of the company Fine under section 233 for financial year 2013-14 (Rs.) Fine un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the maximum fine prescribed of Rs. 5 Lakhs for each financial year with regard to applicable provision relating to the Company. Thus, it is submitted that the fine imposed on the Company for each financial year is only 20% of the maximum fine of Rs. 5 Lakhs while for the Directors, it is the maximum amount i.e. - Rs. 1 Lakh. The counsel prayed for leniency for the Directors and parity. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ally. Thus, we proceed to pass the following Order:-
ORDER
The Appeal is allowed. In the Impugned Order, we modify the same with regard to imposing of fine under Section 148(8) for FY 2014 - 2015 and 2015 - 2016 and substitute "40,000" in place of "2,00,000" with regard to the Directors/Officers, i.e. present Appellants No.2 to 5. Rest of the Order is maintained.
No orders as to costs. X X X X Extracts X X X X X X X X Extracts X X X X
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