TaxTMI 
TaxTMI 
2017 (8) TMI 297
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....ny Law Tribunal Bench at Bengaluru, the said case was transferred to this Tribunal on abolition of Company Law Board, Southern Region, Chennai Bench and numbered as T.P No. 281/2016. The averments made in the Company Application are briefed hereunder:- The 1st Applicant Company was incorporated under the Companies Act, 1956 on 24th December 1979 as a Private Limited Company under the name and style of "M/s C. Krishnaiah Chetty & Sons Private Limited" vide Registration No. CIN U27205KA1979PTC003692. The Registered office of the company is situated at No. 35, 1 Floor, Commercial Street, Bangalore-560001. The Authorized share capital of the 1st Applicant Company is Rs. 500 lakhs divided into 50,000 Equity Shares of Rs. 1,000/- each and the ....
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.... of the Company are intending of demerger of the company and majority of the Directors are not in favour of the Demerger of the Company. It is further averred that, the company has sought extension till 31st December 2013 for holding its Annual General Meeting on 29th September 2013 from the Central Government. However, the request for extension was rejected by the Registrar of Companies, Karnataka Bangalore stating that, "the reason is not valid one hence rejected". Thereby contravened the provisions of Section 166 of the Companies Act, 1956 in not holding the Annual General Meeting and also failed to place the books of accounts i.e., financial statement before the Members as per Section 210 of the Companies Act, 1956. However, the 1st App....
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....section 167, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to fifty thousand rupees and in the case of a continuing default, with a further fine which may extend to two thousand five hundred rupees for every day after the first during which such default continues". Section 210(1) of the Companies Act, 1956, provides that:- At every annual general meeting of a company held in pursuance of section 166, the Board of directors of the company shall lay before the company - (a) a balance sheet as at the end of the period specified in sub-section (3); and (b) a profit and loss account for that period. For the violation of section 210(1) of the Companies Act, 1956 the punishme....
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....has admitted the default and has offered to compound the offence and the Compounding Application may be decided on merits. We have seen the Certified Copy of the extract of Board Resolution dated 11th March 2014 of the 1st Applicant Company wherein the Board of Directors resolved for filing compounding Application We have seen the Memorandum and Articles of Association of the Company. After considering the materials on record and after taking into account the submissions made by the Practicing Company Secretary that lenient view may be taken, we hereby levy compounding fee for violations of provisions of section 166 and sub-section 5 of section 210 of the Companies Act, 1956 for the delay in conducting Annual General Meeting and non- submi....