- (1.) Applicants in Default: - 1. Mr. Arbind Jayaswal - Managing Director 2. Mr. Ramesh Jayaswal - Joint Managing Director 3. Mr. Avinash Dinakar Karajgaonkar - Company Secretary Section Violated:- Section 211 of the Companies Act, 1956. Nature of Violation: - As per the submission made in the Report of Registrar of Companies, Mumbai and from the submissions made in the Compounding Application it is observed that inspection of books of accounts and other records etc. of the Company under Sec 209A of the Companies Act, 1956 was conducted by the Ministry of Corporate Affairs, Govt of India, New Delhi vide their letter No. 4/8/200/-CL-II dated 04.02.2008. On inspection, the balance sheet of the year ended as at 31.03.2017 have not disclosed separately the particulars of (a) debts considered good and in respect of which the Company is fully secure (b) debts considered good for which the Company holds no security other than debtors personal security (c) debts considered doubtful or bad as required by the provisions of Sec 211 read with Schedule VI Part I of the Companies Act, 1956. The Company has been doing the same contravention in the balance sheet as 31/03/2005 and 31/03/2006. The Registrar of Companies, Mumbai forwarded the compounding application vide his letter No. ROC/JTA/621A/16154/194 dated 24.08.2016 and the same has been treated as Company Application No. 13/441/NCLT/MB/MAH/2016.
(2.) We have gone through the application of the applicants and the report submitted by the Registrar of Companies, Mumbai and also the submissions made by Authorised Representative for applicants at the time of hearing and noted that application made by the applicants for compounding of offence committed under Section 211 of the Companies Act, 1956, merited consideration.
(3.) Having regard to the facts and circumstances of the case, the offence committed under Section 211 of the Companies Act, 1956, as stated and explained above in first para is compounded against the Company's two directors and Company Secretary, on payment of Rs. 5,000/- by each defaulter. The remittance shall be made by way of Demand Draft drawn in favour of "Pay and Accounts Officer, Ministry of Corporate Affairs, Mumbai". Since the Company's two directors and Company Secretary named above have remitted total amount of Rs. 15,000/- as mentioned below: to the registry of this Bench towards compounding fees, the Registrar of Companies, Mumbai is hereby directed to take further action as provided under Section 621A(3)(c)(d) of the Companies Act, 1956 read with Section 441 (3) (c) (d) of the Companies Act, 2013.;