M K Shrawat, Member - (1.) Defaulters Herein: 1) M/s. Prabhudas Lilladher Financial Services Pvt. 2) Mr. Parag Shashikant Paigankar - Whole time Director. 3) Mr, Ratan Nashir Karanjia - Director. 4) Mr. Kishore Jashwantilal Vora - Director. Section Violated: S. 134(3) of the Companies Act, 2013. Punishment Provided Under: S. 134(8) of the Companies Act, 2013. This Compounding Application was filed before the Registrar of Companies Maharashtra, Mumbai on 14th March, 2017 and the Company has submitted the same application with NCLT on 21" February, 2017. The Ld. Registrar of Companies intimated that the Applicant Company has filed the aforementioned Compounding Application suo moto for not making the required expenditure for CSR and the reason for not spending the CSR amount have not been disclosed in Board Report of Financial Year 2014-15.
(2.) The Learned RoC has informed that, this application was filed because the Company has violated the provisions of S. 134 of the Companies Act, 1956 (hereinafter as Act) where as per section 135(5) the board of every company liable for CSR u/s 135(1) shall ensure that the Company spends, in every financial year, at least two percent (2%) of the average net profit of the company during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility policy, Provided that if company fails to spend such amount, the board shall, in its report made under clause (O) of subsection (3) of section 134 of the Act, specify the reasons for not spending the amount. The Company has not made the required expenditure for CSR within the time prescribed and the reasons for not spending the CSR amount have also not been disclosed in Board Report of Financial Year 2014-15.
(3.) The Learned RoC reported that, the Board of Directors of Company at their meeting held on 01.03.2017 adopted the CSR Policy for the Company and uploaded the same on the website of the Company. Also the company is under process of granting necessary CSR donations amounting to Rs. 9.58 lacs to charitable trusts. The Company will also disclose the requirement of CSR for the financial year 2014-15 in the Director's report for the Financial Year 2016-17. Submissions:;