Ina Malhotra, Member - (1.) The petitioners have filed this application u/s 441 of the Companies Act, 2013 praying for compounding of the offences u/s 92 and 137 of the Companies Act 2013, having defaulted in filing the Annual Return and Financial Statements within the Statutory period for the Financial Year 2014-2015. The default has been made good as the company has since filed its financial Statements on 15.05.2017 and its Annual return on 15.07.2017, a fact confirmed by the RoC.
(2.) As per provisions of Section 137 of the Companies Act, 2013, the Financial Statements, duly adopted at the AGM, are required to be filed with the Registrar within 30 days of holding the AGM. The contravention of the aforesaid provision provides for payment of fine which may extend upto Rs. 10 Lakhs on the company and for a term of imprisonment upto 6 months and /or with fine which may extend upto 5 Lakhs for each of its Directors and its responsible officers. The default in not filing the Annual Returns within time attracts punishment u/s 92(5) of the Act which provides for a penalty upto Rs. 5 Lakhs to be imposed on the company and on each of its responsible officers.
(3.) On prosecution being initiated in the court of the Ld. ACMM Tis Hazari Delhi, permission has been taken by the applicant to pray for compounding. It is submitted that though the AGM of the Company for the F.Y 2014-2015 was convened on time i.e 30.09.2015, they inadvertently erred in not filing the Financial Statements in AOC-4 and Annual returns in MGT-7 with the office of the RoC. The said default was neither deliberate nor malafide. The petitioners have subsequently filed their Annual returns on 15.07.2017 and their Balance Sheets on 15.05.2017. The default has therefore been made good.;