IN RE Vs. LALIT MINING AND PETRO CHEMICALS (P) LTD
LAWS(NCLT)-2016-9-13
NATIONAL COMPANY LAW TRIBUNAL
Decided on September 16,2016

IN RE Appellant
VERSUS
LALIT MINING AND PETRO CHEMICALS (P) LTD Respondents

JUDGEMENT

Ina Malhotra, Member - (1.)The petitioner company, which was incorporated on 24.9.2001, failed to file its Accounting Policies as attachment to the other Financial Statements while uploading Form 23AC for the year ending 31.3.2014 at the time of seeking approval in INC-24 from the office of the RoC for change of the company's name. This was in non compliance of the statutory requirement of section 220 of the Companies Act, 1956. As per requirement of section 220 of the Companies Act, 1956:
"After the balance sheet and the profit and loss account have been laid before a company at an annual general meeting as aforesaid, there shall be filed with the Registrar within thirty days from the date on which the balance sheet and the profit and loss account were so laid, or where the annual general meeting of a company for any year has not been held, there shall be filed with the Registrar within thirty days from the latest day on or before which that meeting should have been held in accordance with the provisions."

(2.)It submitted by the petitioners that while filing the balance sheet and profit and loss statement along with Form 23AC and 23ACA, they inadvertently omitted to attach the Accounting Policies to the Auditor's Report.
(3.)This deficiency was detected when the RoC did not permit the change of the company's name on this ground when it applied for it in Form INC-24. The deficiency was subsequently made good. The period of default is stated to be from 1.11.2014 to 7.4.2015. It is submitted that the aforesaid default attracts a fine which may extend up to Rs. 500 a day on the company and each of its directors.
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