IN RE Vs. RAPID ESTATES 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 134(3) (o) of the Companies Act. As per Statutory requirements, the company was required to disclose in its Director's Report, the details of the CSR Policy developed and implemented during the year. A CSR Committee was also required to be constituted for this purpose. The said period of default is for the Financial year 2014-2015.

(2.) As per the provision of Section 135(5) of the Companies Act, 2013:

(3.) The petitioner's case is that as the aforesaid provisions became applicable for the first time in the Financial year 2014-2015 itself, "there was lack of clarity, moreso on account of the various notifications issued from time to time. The default has since been made good as the CSR committee has been duly constituted and CSR Policy has been framed and its disclosure made in the Director's Report for the year 2015-2016.