IN RE Vs. INMARSAT INDIA LIMITED

JUDGEMENT

(1.) This petition has been filed u/s 441 of the Companies Act, 1956 praying for compounding of the offence u/s 96 of the Companies Act. The said petition which has been routed through the office of the RoC along with their comments, prays for compounding the offence for not holding the AGM within the period required under the Statute.

(2.) As per the provision of Section 96(1) of the Companies Act, 2013: "Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next. Provided that in case of the first annual general meeting, it shall be held within a period of nine months from the date of closing of the first financial year of the company and in any other case, within a period of six months, from the date of closing of the financial year.

(3.) The petitioner's offence relates to holding its 1st AGM for the F.Y ending 31.03.2016. The AGM which should have been held by 31st December 2016, could only be held on 31.03.2017 leading to a delay of 89 days, thus violating the provisions of Section 96 of the Companies Act, 2013. The default has since been made good.