(1.) The petitioner company, ANK Leasing and Finance Ltd has filed this application u/s 441 of the Companies Act, 2013 praying for compounding of the offences u/s 92, and 137 of the Companies Act 2013, having defaulted in filing the company's Annual Return and Financial Statements within the Statutory period for the Financial Year 2014-2015 and 2015-2016. The AGM for the two financial years was duly convened on 24.08.2015 and 20.08.2016 respectively. The default has been made good as the company has since filed its Balance Sheets and Annual Returns on 13.06.2017 and 28.06.2017 for the financial year 2014-2015. Similarly the Financial Statements and Annual returns were filed on 24.06.2017 and 28.06.2017 respectively for the financial Year 2015-2016.
(2.) As per provisions of Section 92 and 137 of the Companies Act, 2013, the Annual returns and Financial Statements, duly adopted at the AGM, are required to be filed with the Registrar of Companies within 60 days and 30 days respectively of holding the AGM.
(3.) The default in not filing the Annual Returns within time attracts punishment u/s 92(5) of the Act which provides for a penalty upto Rs. 5 Lakhs to be imposed on the company and on each of its responsible officers. The contravention of Section 137(3) of the Companies Act 2013 provides for payment of fine which may extend upto Rs. 10 Lakhs on the company and for a term of imprisonment upto 6 months and /or with fine which may extend upto 5 Lakhs on each of its Directors and its responsible officers.