Bikki Raveendra Babu, Member - (1.) Rubberking Tyres India Private Limited and its three directors filed an application before the Registrar of Companies, Gujarat, on 31.1.2017 admitting violation of Section 134(3)(o) of Companies Act, 2013, i.e. non-disclosure of the reasons for not spending the required amount of CSR activities for the years 2014-15, punishable under Section 134(8) of Companies Act, 2013.
(2.) The Registrar of Companies forwarded the said application to this Tribunal on 13th February, 2017 along with his report. This Tribunal registered the same as C.P. No. 27 of 2017. The report of the Registrar of Companies discloses that no similar offence under Section 149(4) of the Companies Act has been compounded during the last three years by the petitioners and that the company is not included in the list of vanishing companies.
(3.) From the records of the company and the balance sheet as at 31.3.2016, the company is liable for CSR activities. The company has neither spent the prescribed CSR expenditure nor disclosed the reasons in the report of the Director required to be filed under Section 135 of the Companies Act read with Companies (Corporate Social Responsibilities' Policy) Rules, 2014. Thereupon, the Registrar of Companies, under the instructions of the Ministry of Corporate Affairs, New Delhi, issued show cause notice to the company and its directors alleging violation of Section 134(3)(o) read with Section 135 of the Act on 30th September, 2016. Pursuant to the said notice, the company and its directors filed compounding application before the Registrar of Companies.;