https://www.taxtmi.com/caselaws?id=765474 NCLAT Chennai held that failure to file Board Reports for financial years 2010-11 and 2013-14 constituted continuing offences under Section 220 r/w Section 162 of Companies Act, 1956. The appellants admitted non-compliance but argued the omission was inadvertent, reports were circulated to shareholders timely, and no prejudice caused to stakeholders. NCLAT accepted these contentions and reduced the compounding penalty to Rs.50 per day for each day of default for both company and directors, finding the original penalty excessive compared to similar cases. Appeal allowed. en-us Thu, 30 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765474 NCLAT Chennai held that failure to file Board Reports for financial years 2010-11 and 2013-14 constituted continuing offences under Section 220 r/w Section 162 of Companies Act, 1956. The appellants admitted non-compliance but argued the omission was inadvertent, reports were circulated to shareholders timely, and no prejudice caused to stakeholders. NCLAT accepted these contentions and reduced the compounding penalty to Rs.50 per day for each day of default for both company and directors, finding the original penalty excessive compared to similar cases. Appeal allowed. Case-Laws Companies Law Thu, 30 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765474