IN RE Vs. UNITED NEWS OF INDIA

JUDGEMENT

(1.) The petitioners have filed this application u/s 441 of the Companies Act, 2013/621A of the Companies Act, 2013 praying for compounding of the offence u/s 92 of the Companies Act, 2013 for not having filed the Annual returns of the company for the Financial years ended F.Y 2012-2013 and 2014-2015. The default has been made good as the company has since filed the Annual return, a fact confirmed by the RoC.

(2.) It is submitted by the applicants that the AGM for the year 2012- 2013 which should have been held by 30th Dec 2013(after getting 3 month's extension from the RoC) could be held only on 6th Jan, 2014. This was due to the Quorum not being completed. Similarly the AGM for 2014-2015 which should have been held on 30th Nov 2015 could not be held till 1st Feb 2016 on account of administrative problems. This had led to a consequential delay in filing their Annual Returns with the RoC. The relevant steps for filing Form 20B/MFT-7 were taken on 31st Jan, 2014 and 12th March, 2016 respectively.

(3.) The fine for the aforesaid lapse is provided under Section 92(5) of the Companies Act, 2013 and in terms thereof attracts punishment for a term of imprisonment or fine or both.