IN RE Vs. SHRINIWAS STEEL LIMITED

JUDGEMENT

(1.) The petitioners have filed this application u/s 441 of the Companies Act, 201.3 praying for compounding of the offences u/s 92 and 137 of the Companies Act 2013, having defaulted in filing the Annual Return and Financial Statements for the Financial Year ending F.Y 31.03.2015 within the Statutory period. The default has been made good as the company has since filed its Annual return on 19.09.2017 and Balance Sheet on 30.08.2017 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.) On prosecution being initiated in the court of the Ld. ACMM Tis Hazari Delhi, permission has been taken by the applicant to seek compounding by their Tribunal. It is submitted that though the AGM of the Company was convened on time i.e 30.09.2015, for the F.Y 2014-2015, they inadvertently erred in not filing the Financial Statements in AOC-4 and Annual returns in MGT-7 with the office of the RoC. The said default was neither deliberate nor malafide.