IN RE Vs. METALSA INDIA PRIVATE LIMITED

JUDGEMENT

(1.) The petitioners have filed this application u/s 441 of the Companies Act, 2013/621A of the Companies Act, 1956 praying for compounding of the offence u/s 159, 166, 210(3) and 220 of the Companies Act, 1956 on account of delay in compliance of the Statutory requirements under the Act. As per allegations of the RoC, the Company failed to hold its AGM for F.Y 2012, 2013 and 2014 within the prescribed time thereby giving rise to the default under Section 166. This led to the consequential default in laying the Financial Statements before the AGM as well as filing them with the RoC within 30 days thereof. The Annual Returns were also required to be filed with the RoC within 60 days of the date when the AGM fell due.

(2.) It is submitted that the Company held its AGM on 29.08.2013, 23.06.2014 and 11.08.2015 for the Years ending 2012, 2013 and 2014 respectively, Annual returns have been filed on 27.09.2013, 25.09.2014 and 20.09.2017 for the years ending 2012, 2013 and 2014 respectively while the Balance Sheet were filed on 22.09.2013, 22.09.2014 and 31.01.2016 for the relevant years, a fact confirmed by the RoC.

(3.) Upon notice to the RoC, their reply has been received. There is no repudiation by the department of the applicant's assertion that all defaults have been rectified. The office of the RoC has recommended the fine for compounding each of the 3 aforesaid defaults as under :-