IN RE Vs. UNITED NEWS OF INDIA

JUDGEMENT

(1.) The petitioners have filed this application u/s 441 of the Companies Act, 2013/621A of the Companies Act, 2013 praying for compounding of the offence u/s 210/129 under the respective Acts of 1956 & 2013, having defaulted in laying down the Financial Statements of the Company before the shareholders at the AGM for the Financial years 2012-2013, 2014-2015. The default has been made good as the company has since filed its Audited Financial Statements, a fact confirmed by the RoC.

(2.) As per the provisions the Companies Act the Board of Directors of the company are required to lay before the AGM the financial statements for the financial year.

(3.) It is submitted by the applicants that the AGM for the year 2012-2013 which should have been held by 30th Dec 2013(after getting 3 month's extension from the RoC) could be held only on 6th Jan, 2014. This was due to the Quorum not being completed. Similarly the AGM for 2014-2015 which should have been held on 30th Nov 2015 could not be held till 1st Feb 2016 on account of administrative problems. Consequently there was delay in laying down the financial Statements before the AGM.