Ina Malhotra, Member - (1.) The petitioners have filed this application u/s 441 of the Companies Act, 2013 praying for compounding of the offence u/s 233B(4) and 233B(f) of the Companies Act, 1956, having defaulted in not filing the Cost Audit Report in XBRL-1 Form for the F.Y 2012-2013 with Central government within the prescribed time limit of 180 days from the close of the Financial Year. The default has been made good as the Cost Auditor has since filed its Cost Audit Report for the F.Y 2012-2013 in Form -1 XBRL on 03.02.2017. They now pray for compounding of the offence. The fine for the aforesaid default is provided in Section 233B(11) .
(2.) As per provisions of Section 233B(11) of the Companies Act, 1956 "If default is made in complying with the provisions of this section, the company shall be liable to be punished with fine which may extend to Rs. 5000/-, and every officer of the company who is in default, shall be liable to be punished with imprisonment for a term which may extend to 3 years or with fine which may extend to Rs. 50,000/- or with both."
(3.) In terms of the time provided under Section 233B (11) thereof, the RoC has recommended a fine of Rs. 50,000/- on applicants 2 ,3 and 4 and Rs. 5000/- on the company.;