IN RE Vs. G C BEVERAGES PRIVATE LIMITED

JUDGEMENT

(1.) The petitioners have 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 Balance Sheet and Annual Return for the Financial Year ended F.Y 2014-2015 within the Statutory period. The default has been made good as the company has since filed its Annual return on 26.09.2016 and Balance Sheet on 04.10.2016 for the F.Y 2014-2015, a fact confirmed by the RoC.

(2.) As per provisions of Section 137 of the Companies Act, 2013, the Financial Statements duly adopted at the AGM are required to be filed with the Registrar within 30 days of holding the AGM. The contravention of the aforesaid provisions provide 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 for each of its Directors and responsible officers.

(3.) The petitioners who have subsequently taken the required steps u/s 92 to file its Annual returns on 26.09.2016 and its Balance Sheet on 04.10.2016 have remained in default from 30.11.2015 to 26.09.2016, and u/s 137 from 30.10.2015 to 04.10.2016. The default has therefore been made good.