R. Varadharajan, Member - (1.) In relation to the offence arising out of holding Directorship in more than 20 companies for the year 2015-2016, the applicant above named have filed the above Petition for compounding the offence under Section 165 of the Companies Act 2013.
(2.) The Applicant claims that under erstwhile Companies Act, 1956, there was no restriction fixed in holding maximum number of directorship in so far as Private Limited Companies were concerned. However, in the Companies Act, 2013, such exemption for Private Companies has not been provided for and a maximum cap had been fixed and accordingly, a person can now hold office as a director, including any alternate directorships, in not more than 20 companies at the same time.
(3.) The applicant further aver that being a non-professional, she was not aware of the changes brought about in the provisions with respect to the limit of holding maximum number of directorships in Companies Act, 2013 in comparison to the provisions of the Companies act, 1956 and hence had inadvertently continued to act as a Director in companies beyond the prescribed statutory limit.;