VISESH INFOTECHNICS LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) This petition has been filed with the following prayers:-

(2.) It is the submission of Mr. Sachin Chopra, learned counsel appearing for the petitioner that the petitioner is a Company incorporated in the year 1989. In the year 2010, the petitioner Company increased its authorized share capital pursuant to a preferential allotment. Similar increase was made in the years 2012 and 2013 pursuant to bonus issue.

(3.) It is the case of the petitioner and contended by Mr. Chopra that it had taken approval in the respective extraordinary General Meetings and Annual General Meetings and it complied with the provisions of the Companies Act, 1956 except that in respect of increased authorized share capital it did not file Form 5 with the respondent No.3. He submits that the non-filing of the said Form was neither deliberate nor intentional but due to some change in the global circumstances and financial constraints in the business. He concede to the fact that the Companies Act, 2013 and the Companies (Registration of Offices and Fee) Rules, 2014 came into force on April 01, 2014 and consequently the provision for filing e-Form SH-7 (in lieu of e-Form 5) was made. He submits that the Rules of 2014 even though specifically state that the fee for belated filing of the said Form after the enactment of new Act shall be calculated as applicable on the date of filing, which would result in payment of Rs. 5,65,73,117.08/- instead of Rs. 2,30,07,549.68.