IN RE Vs. DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED

JUDGEMENT

(1.) Applicants in Default:

(2.) Accordingly, the applicant has violated the provision under Section 211 r/w. Schedule VI of the Companies Act, 1956. The Deputy Registrar of Companies, (Gujarat, Dadra and Nagar Haveli) forwarded the Compounding Application vide his letter No. ROC/Guj/Compounding/Section 621A/8115 dated 1st December, 2016 and the same has been treated as Compounding Application No. 23/621A/441/NCLT/AHM/2016. The report of the Auditors as per Balance Sheet is as under:-

(3.) This Bench has gone through the Application of the Applicant and the Report submitted by the Deputy Registrar of Companies, (Gujarat, Dadra and Nagar Haveli) and also the submissions made by Practising Company Secretary for Applicant Company at the time of hearing and noted that Application made by the Applicant Company for compounding of offence committed under Section 211 r/w. Schedule VI of the Companies Act, 1956 merits consideration. The Applicant has explained on receiving the impugned Notice as mentioned in the report of the Dy. Registrar of Companies that the statutory auditors of the Swiss subsidiary have not agreed upon regarding one of the qualifications observed in the financial statement for non-accounting of the employee's pension benefit or retirement obligation. Due to this disagreement, the alleged default was pointed out in the Notice dated 1st July, 2016. The Applicant Company, resident of India by itself, was not at fault; hence seeking compounding of the default through this Application. Moreover, the explanation offered in the Compounding Application is as under-