K. C. Agrawal, J. - (1.) THIS application in revision is directed against the judgment of the learned Sessions Judge, Kanpur dated October 13, 1972 dismissing the appeal filed by the applicants and maintaining their conviction under section 162 of the companies Act for the breach of the offence contemplated by section 159 of the said Act. By the said judgment, however, the court below modified the sentence of fine of the applicants and reduced the same to Rs. 350.00 from Rs. 825.00.
(2.) ADMITTEDLY , he applicants were the directors of M/s. Sharda Trade Finance Investment Co. (P) Ltd. which was admittedly a company incorporated under the provisions of the Companies Act, 1956. Section 159 of the Companies Act requires every company having its share capital to submit annual return within sixty days from the day on which each of the annual general meeting referred to in Sec. 166 is held. In the instant case, according to the case of the prosection, the applicants did not submit such a return, hence every officer of the company were punishable with fine which could extend to Rs. 50.00 for every day during which the default continues. The 'Word' Officer has been defined in section 2 clause 30 as including any Director as well. The applicants were admittedly the Directors of the aforesaid company. Accordingly, as they did not submit the return within the stipulated period, they were convicted by the Magistrate under section 162. The appeal preferred by the applicants was however admitted only on the question of sentence. The Sessions Judge who decided the appeal however, did not confine himself to the question of sentence and examined the merits as well and being of the opinion that the appeal had no substance, the learned Sessions Judge maintained the conviction but reduced the sentence. Feeling aggrieved, the present revision has been filed.
(3.) AFTER perusal of the record of the case I am satisfied that the conviction of the applicants for having not submitted the return as required by section 159 was fully justified. So far as the question of sentence is concerned the same has already been reduced from Rs. 825.00 to Rs. 350.00. I do not think that any further reduction was required in the present case.;