Ina Malhotra, Member - (1.) This petition has been filed u/s. 621 A of the Companies Act, 1956, praying for compounding of the offence of not adhering to the provision of Section 137 of the Companies Act 2013, which corresponds to Section 220 of the Companies Act, 1956,
(2.) As per requirement of Section 137 of the Companies Act, 2013: "A copy of the financial statements, including consolidated financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements under this Act, duly adopted at the annual general meeting of the company, shall be filed with the Registrar within thirty days of the date of annual general meeting in such manner, with such fees or additional fees as may be prescribed within the time specified under section 403."
(3.) The petitioners failed to take steps in filing the Balance Sheet and the Profit and Loss Statement for the financial year ending 31s' March, 2013. Steps were taken for rectification upon a notice being received by the company from the office of the RoC regarding non-filing of the Balance Sheets. The period of default is w.e.f. 01.10.2013 to 07.03.2016. It is submitted by the RoC that the fine applicable for this lapse till the notification of the Companies Act, 2013 was one which could extend to Rs. 500/- for every day's default, while after notification of the Companies Act, 2013, the fine imposable would be a minimum of Rs. 1,000/- a day but which could extend to Rs. 10 Lakhs on the company and Rs. 500/- a day, subject to a maximum of Rs. 5,00,000/- on each of the Directors. Accordingly, the office of the RoC has calculated and recommended the imposition of the maximum fine on the petitioner company at Rs. 7,97,000/- and on its four directors as Rs. 5,91,000/-.;