Ina Malhotra, Member - (1.) The petitioners have filed this application u/s 441 of the Companies Act, 2013/621A of the Companies Act, 2013 praying for compounding of the offence for not holding its AGM for the Financial years ending 31st March 2013 to 31sl March 2015. The default has been made good as the company has since held its AGM, a fact confirmed by the RoC.
(2.) The default violates the provision of Section 166 of the Companies Act 1956, which corresponds to Section 96 of the 2013 Act. As per the provision of Section 166 of the Companies Act, 2013: "Every 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".
(3.) The petitioner avers that the AGM of the applicant company for the years of default i.e Financial Year 2013,2014 and 2015 were held on 20.03.2014, 01.04.2015 and 18.11.2015 respectively giving rise to delay of 170, 182 and 48 days respectively.;