IN RE Vs. ITRON INDIA PRIVATE LIMITED

JUDGEMENT

(1.) The petitioners have filed this application u/s 441 of the Companies Act, 2013 praying for compounding of the offence u/s 185 of the Companies Act 2013, as the company had advanced a loan amounting to Rs. 3,20,00,000/- to Itron Metering Solutions Limited between the period 26th March, 2014 and 11th April 2014 to meet its business exigencies. Both the Companies had common directors. This was in contravention of the provision of Section 185 of the Act. 2013.

(2.) As per the said provisions, Section 185 mandates:-

(3.) In the report filed by the RoC, the averments made in the petition are confirmed. Mr. Mohit Aggarwal and Mr. Abhishek Saxena have since resigned from the petitioner and the borrowing Companies respectively upon induction of Ms. Pauline Mangieri and Mr. Saurabh Talwar as Directors. Thus the default has been rectified, in as much as the Directors of the petitioner company at the time of commission of offence are now no longer on the Board of the borrowing company.