https://www.taxtmi.com/caselaws?id=219337 The appeal was dismissed, upholding the Company Law Board's decision to allow compounding of the offence under Section 621A of the Companies Act. Penalties of Rs. 1,00,000 on the company and Rs. 50,000 on each Governing Council member were imposed for breaching licence conditions by paying honorarium without prior approval. The Board's application of Section 629A for contravention of Act provisions and imposition of penalties were considered fair and based on reasoned findings. The appeal's challenge regarding automatic licence revocation for breach was refuted, emphasizing the need for adherence to legal procedures and approvals to avoid penalties. en-us Fri, 02 Nov 2012 00:00:00 +0530 Mon, 10 Dec 2012 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219337 The appeal was dismissed, upholding the Company Law Board's decision to allow compounding of the offence under Section 621A of the Companies Act. Penalties of Rs. 1,00,000 on the company and Rs. 50,000 on each Governing Council member were imposed for breaching licence conditions by paying honorarium without prior approval. The Board's application of Section 629A for contravention of Act provisions and imposition of penalties were considered fair and based on reasoned findings. The appeal's challenge regarding automatic licence revocation for breach was refuted, emphasizing the need for adherence to legal procedures and approvals to avoid penalties. Case-Laws Companies Law Fri, 02 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219337