Ina Malhotra, Member - (1.) This petition has been filed u/s 441 of the Companies Act, 2013 praying for compounding of the offence u/s 92, 96 and 129 of the Companies Act. The said petition which has been routed through the office of the RoC along with their comments, prays for compounding the offence of not holding their first AGM within the Statutory period and consequently not filing its Annual return for the F.Y 2015-2016 nor laying down its Financial within the period required under the Statute.
(2.) As per the provision of Section 96(1) of the Companies Act, 2013: "Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next." As per the provision of Section 92(4) of the Companies Act, 2013 "Every company shall file with the Registrar a copy of the annual return, within sixty days from the date on which the annual general meeting is held or where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held together with the statement specifying the reasons for not holding the annual general meeting, with such fees or additional fees as may be prescribed, within the time as specified, under section 403". As per the provision of Section 129 of the Companies Act, 2013 "At every annual general meeting of the company, the Board of Directors of the company shall lay before such meeting financial statements for the financial year".
(3.) The petitioner's offence relates to period for the F.Y 2015-2016. The AGM of the company was convened on 07.09.2017 for the Financial year 2015-2016, on which date the Financial Statements were laid by the Board of Directors. The Annual returns were filed on 11.09.2017. The default has since been made good.;