IN RE Vs. PERNOD RECARD INDIA PVT LTD
NATIONAL COMPANY LAW TRIBUNAL
PERNOD RECARD INDIA PVT LTD
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Ina Malhotra, Member -
(1.)This petition has been filed u/s. 621A of the Companies Act, 1956 praying for compounding of the offence u/s. 217(2A) of the Companies Act. It is submitted that upon a technical scrutiny of the Balance Sheet for the financial year ending 31.03.2010, carried out by the office of the RoC, it was observed that the company had not disclosed in the Board Report dated 15.11.2010, whether any employee was a relative of any Director or Manager of the company. The Annexure to the Balance Sheet and Profit & Loss Statement which formed a part of Board's Report was also not signed by the required number of directors as per statutory requirement.
(2.)As per the provision of Section 217(2A) of the Companies Act, 1956:
"(a) The Board's report shall also include a statement showing the name of every employee of the company who-
(i) if employed throughout the financial year, was in receipt of remuneration for that year which, in the aggregate, was not less than (such sum as may be prescribed); or
(ii) if employed for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than (such sum per month as may be prescribed; or)
(iii) if employed throughout the financial year or part thereof, was in receipt of remuneration in that a year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two per cent, of the equity shares of the company.)
(b) The statement referred to in clause (a) shall also indicate-
(i) whether any such employee is a relative of any director or manager of the company and if so, the name of such director, and
(ii) such other particulars as may be prescribed."
(3.)The period of default has been observed for the financial years ending 31.03.2002 to 31.03.2011. Prosecution has been initiated against the petitioners. The aforesaid offence attracts a punishment of imprisonment for a term which may extend to six months or with fine which may extend to Rs. 20,000/- or with both.
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