Company petition to NCLT -compounding and EGM to adopt accounts

[Jayanta Bandyopadhyay]

Would you please guide us in the following scenario :

FY 22-23--AGM took place to appoint auditor etc but not made it Adjourned to adopt standalone / consolidated (incl of wholly owned foreign subsidiary) financial statements -a mistake

FY 23-24- AOC4 was submitted but not MGT 7 & 8 as we can not mention date of proper AGM in FY 22-23

Planning to go to NCLT for compounding above non-compliance-- is there any direct course correction?

Please guide- how to resolve this

AI Summary

Compounding of company filing defaults: remedy via EGM adoption, filing corrected returns and seeking formal compounding.
Non-compliance stems from an AGM failing to adopt standalone and consolidated financial statements (including a wholly owned foreign subsidiary) leading to incomplete statutory filings: AOC-4 filed later but MGT-7 and MGT-8 not filed due to absence of a correct AGM date. The primary remedial route is to convene an EGM to adopt the accounts and subsequently file or revise statutory forms with the Registrar; if direct correction is not possible, pursue formal compounding of the offences with payment of prescribed penalties, while securing professional advice and preserving supporting documentation.