Ina Malhotra, Member - (1.) This petition has been filed u/s 441 of the Companies Act, 1956 praying for compounding of the offence u/s 96 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 the AGM 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."
(3.) The petitioner's offence relates to period from 01.10.2015 to 28.12.2015. The AGM which should have been held on or before 30th September 2015 for the financial year ending 31st March 2015, could only be held on 28.12.2015 leading to a delay of 88 days thus violating the provisions of Section 96 of the Companies Act, 2013. The default has since been made good.;