IN RE Vs. PRAMOD KUMAR BINDAL

JUDGEMENT

(1.) The petitioner, Mr. Pramod Kumar Bindal, was a Director in more than 20 Companies. This being in gross violation of Section 165 of the Companies Act 2013 which limits any individual from being a Director in more than 20 companies, prosecution has been initiated. It was only then that the applicant took steps to resign from the directorship of some companies so as to adhere to the provisions of Section 165. As per the said provision, every any person who was on the Board of directors of more than 20 Companies was required to resign from companies in excess of twenty by 31st March 2015.

(2.) With a view not to face a protracted criminal prosecution and face penal consequences, the applicant who admits this default on account of ignorance, has filed the present petition under section 441 of the Act, after due permission from the prosecuting Court i.e Court of the Ld. ACMM(Spl. Acts) ,Central Distt, Delhi.

(3.) The offence is punishable u/s 165(6) of the Companies Act, 2013 which provides for an imposition of a fine which shall not be less than Rs.5,000/- but which may extend to Rs.25,000/- for every day after the first during which the contravention continues. Accordingly the office of the RoC has recommended the imposition of a fine of Rs. 62,00,000/- on the petitioner.