https://www.taxtmi.com/caselaws?id=460584 NCLAT Chennai dismissed the appeal challenging compounding of offences under Section 185 of Companies Act, 2013 for inter-corporate loan violations. The appellant company voluntarily sought compounding but could not claim relief for erstwhile directors as companies are separate juristic entities. The tribunal upheld NCLT Bengaluru's order imposing compounding fees and prosecution against former directors, noting the default continued for one year and six days. The company and directors remained liable for maximum fine of Rs.25,00,000 under Section 185. en-us Tue, 29 Aug 2023 00:00:00 +0530 Mon, 03 Feb 2025 18:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460584 NCLAT Chennai dismissed the appeal challenging compounding of offences under Section 185 of Companies Act, 2013 for inter-corporate loan violations. The appellant company voluntarily sought compounding but could not claim relief for erstwhile directors as companies are separate juristic entities. The tribunal upheld NCLT Bengaluru's order imposing compounding fees and prosecution against former directors, noting the default continued for one year and six days. The company and directors remained liable for maximum fine of Rs.25,00,000 under Section 185. Case-Laws Companies Law Tue, 29 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460584