Compounding of company law offences permits settlement by fee payment, barring prosecution and imposing compliance conditions. The Act permits compounding of offences not punishable exclusively by imprisonment, with applications made by the company or officers in default to the Registrar for onward submission to the designated adjudicatory authority. Compounding bars subsequent prosecution and may terminate pending prosecutions by discharge. The authority may require filing of returns or documents within a specified time, non compliance of which is separately punishable. A single order can compound multiple offences, but a similar offence committed later cannot be compounded within three years. Composition fees are payable from company funds or, where applicable, from personal funds of officers in default.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Compounding of company law offences permits settlement by fee payment, barring prosecution and imposing compliance conditions.
The Act permits compounding of offences not punishable exclusively by imprisonment, with applications made by the company or officers in default to the Registrar for onward submission to the designated adjudicatory authority. Compounding bars subsequent prosecution and may terminate pending prosecutions by discharge. The authority may require filing of returns or documents within a specified time, non compliance of which is separately punishable. A single order can compound multiple offences, but a similar offence committed later cannot be compounded within three years. Composition fees are payable from company funds or, where applicable, from personal funds of officers in default.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
