Ina Malhotra, Member - (1.) This petition u/s 441 of the Companies Act 2013 for compounding of the defaults under sections 149, 177, 178 and 450 has been filed on behalf of the Company M/s. Bhanuenergy Infrastructure & Power Ltd., and its officers who were in charge and responsible for its affairs. As per the provision of Section 178(8), the company is liable to be punished with fine which would not be less than Rs. 1 lac and which may extend upto Rs. 5 Lacs and every officer of the company who is in default would be punishable with a term which may extend upto one year or with fine which would not be less than Rs. 25,000/- but which may extend to Rs. 1 Lac or with both.
(2.) The petitioners having realized their default have taken remedial steps and pray for compounding of the offence u/s 441 of the Companies Act, 2013.
(3.) As per the provisions of the Companies Act 2013, Section 441 provides for "(1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, any offence punishable under this Act (whether committed by a company or any officer thereof) with fine only, may, either before or after the institution of any prosecution, be compounded by-- (a) the Tribunal; or (b) where the maximum amount of fine which may be imposed for such offence does not exceed five lakh rupees, by the Regional Director or any officer authorised by the Central Government, on payment or credit, by the company or, as the case may be, the officer, to the Central Government of such sum as that Tribunal or the Regional Director or any officer authorized by the Central Government, as the case may be, may specify:";