https://www.taxtmi.com/caselaws?id=346450 The Tribunal ordered the company to pay a compounding fee of one lakh rupees for violating Section 177(1) of the Companies Act, 2013, by failing to constitute an Audit Committee within the prescribed time. The Tribunal lacked the authority to compound the offense for the individual petitioners. Failure to pay the fee within the specified timeframe would lead to potential prosecution by the Registrar of Companies. The petition was dismissed concerning the individual petitioners, and the company was directed to comply with the order under further review. en-us Thu, 13 Apr 2017 00:00:00 +0530 Wed, 16 Aug 2017 08:27:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346450 The Tribunal ordered the company to pay a compounding fee of one lakh rupees for violating Section 177(1) of the Companies Act, 2013, by failing to constitute an Audit Committee within the prescribed time. The Tribunal lacked the authority to compound the offense for the individual petitioners. Failure to pay the fee within the specified timeframe would lead to potential prosecution by the Registrar of Companies. The petition was dismissed concerning the individual petitioners, and the company was directed to comply with the order under further review. Case-Laws Companies Law Thu, 13 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346450