IN RE Vs. AVENUE ASIA ADVISORS PRIVATE LIMITED

JUDGEMENT

(1.) This petition has been filed u/s 441 of the Companies Act, 1956 praying for compounding of the offence u/s 92 of the Companies Act. The petitioners have defaulted in filing the company's Annual Return within the Statutory period for the Financial Year ending 31.03.2015. The default has been made good as the company has since filed its Annual Returns on 29.05.2017 for the financial year ending 31.03.2015.

(2.) As per provisions of Section 92 of the Companies Act, 2013, the Annual returns, duly adopted at the AGM, are required to be filed with the Registrar of Companies within 60 days at the time when the AGM should have been held.

(3.) The default in not filing the Annual Returns within time attracts punishment u/s 92(5) of the Act which provides for a penalty upto Rs. 5 Lakhs to be imposed on the company and on each of its responsible officers.