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TMI Blog2020 (12) TMI 1136X X X X Extracts X X X X X X X X Extracts X X X X ..... dicapped. The Trust has also donated a sum of ₹ 25, 00,000/- to Bahujan Hitay for Construction of Girls Hostel in Mapusa, Goa. The said receipts of proof are on record. After considering the submissions made, a Compounding Fee of ₹ 50,000/- by the Company and ₹ 50,000/- by the 2 Directors herein i.e. ₹ 1,50,000/- in total shall be sufficient as a deterrent for not repeating the impugned default in future. The imposed remittance shall be paid by way of Demand Draft drawn in favour of RoC Mumbai within 30 days from the receipt of this order - Compounding application disposed off. - CP No. 2357/441/MB/C-II/2018 - - - Dated:- 24-12-2020 - Mr. H.P. Chaturvedi, Member (Judicial) and Mr. Ravikumar Duraisamy, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reasons for not spending the amount. The Average Net profit of the Company was in excess of ₹ 5,00,00,000/- (Rupees Five Crores only) for the years 2011-12, 2012-13 and 2013-14. A detailed working of the Average Net Profit and the amount to be spent on CSR is as follows :- Particulars Amount Net Profit before tax for the year 31.03.2012 447348537 Net Profit before tax for the year 31.03.2013 66016915 Net Profit before tax for the year 31.03.2014 -56891213 TOTAL PROFIT FOR 3 YEARS ( As per section 198 of CA 2013) 45,64 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Anil Salgaocar Foundation. The Trust has been established under the Indian Trust Act, 1882 and a Bank Account of the said Trust has also been opened. The Company has transferred an amount of ₹ 30,43,162/- to the Bank Account of the Trust and soon will be deployed for the activities under CSR and has thus made the default good. 7. The Learned Representative for the Applicants/Defaulters herein, submits that, the Contravention of the said provisions of the Act was bona fide without any mala fide intention because the CSR contribution was made. The Company and its Directors inadvertently have not complied with the said provisions of the Act. 8. It is submitted that since the Applicants / Defaulters herein had not d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on corporate social responsibility initiatives taken during the year; Section 135. Corporate Social Responsibility (5) The Board of every company referred to in sub-section (1), shall ensure that the company spends, in every financial year, at least two per cent. of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy: Punishment Section 134(8): If a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less that fifty thousand rupees but which may extend to twenty-five lakh rupees and every officer of the company who is in default shall be pun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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