IN RE Vs. ICOMM TELE LTD AND ORS

JUDGEMENT

(1.) This application was originally filed before Company Law Board ('CLB'), Southern Regional Bench, Chennai. Upon constitution of National Company Law Tribunal ('NCLT') Bench at Hyderabad, the application is transferred to this Bench as the case relates to the State of Telangana. Hence, we have taken the case on records of NCLT, Hyderabad Bench and deciding the case. This application is filed under section 621A of Companies Act, 1956 read with regulations 35, 40, 44 of Company Law Board Regulations, 1991 and also under section 149 of Companies Act, 2013 read with rule 3 of Companies (Appointment and Qualification of Directors) Rules, 2014 by seeking direction to compound the offence by imposition of minimum composition fee.

(2.) The facts of the case as averred in the application and are material to decide the issue in question are as follows:

(3.) We have heard Mr. Y. Suryanarayana, learned counsel for applicant on 10th August, 2016 and 17th August, 2016, carefully perused various averments made in the application dated 5th May, 2016, additional averments made in the affidavit dated 16th August, 2016 filed during the course of arguments and the report of RoC forwarded to CLB, Chennai vide proceedings No. ROCH/Legal/Sec149/621A/COMM/STACK/2016 dated 27th May, 2016.