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TMI Blog2019 (1) TMI 1826X X X X Extracts X X X X X X X X Extracts X X X X ..... Nene, Practising Company Secretary ORDER V. NALLASENAPATHY, MEMBER (T) 1. This Compounding Application was filed before the Registrar of Companies, Mumbai on 11.05.2018 and the same has been forwarded along with the RoC Report to NCLT, Mumbai Bench. The Ld. Registrar of Companies intimated that the Applicant Company has filed the aforementioned Compounding Application suo-moto for violation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Learned Representative for the Applicants/Defaulters herein, submitted that, the Contravention of the said provisions of the Act was bona fide and without any mala fide intention. The Company and its Officers inadvertently have not complied with the said provisions of the Act. Findings: 5. Accordingly, by going through the facts of the case and the submissions made by the Learned Representa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the financial statements under sub-section (1) or sub-section (2), as the case may be, before the expiry of the period specified in section 403, the company shall be punishable with fine of one thousand rupees for every day during which the failure continues but which shall not be more than ten lakh rupees, and the managing director and the Chief Financial Officer of the company, if any, and, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies Act, 2013, merits consideration. 7. On examination of the circumstances as discussed above a Compounding Fee of Rs. 2,94,000/- for Company & Rs. 1,00,000/- each for 2 Directors (i.e. Rs. 2,00,000/-), which works out to Rs. 4,94,000/- in total by applicant/defaulters herein, stated in the Defaulters list, shall be sufficient as a deterrent for not repeating the impugned default in future. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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