2019 (8) TMI 718

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.... J. (Chairperson) and A. I. S. CHEEMA J. (Judicial Member) For Appellants: Shri Ankit Totuka, Advocate For Respondent: Dr. Amol Shinde, DROC JUDGEMENT 1. This Appeal arises out of Impugned Order dated 19th November, 2018 passed by National Company Law Tribunal, New Delhi Bench, New Delhi (NCLT - in short) in CP No.20/441/2018. 2. It is stated that Cost Audit Report for 2013 - 2014 c....

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....ead with Section 147(1) of the new Act for violation of Section 148(6) of the new Act. The NCLT considered the number of days' delay with regard to the default for the years 2013 - 2014 and the delays with regard to 2014 - 2015 and 2015 - 2016 and it was deemed sufficient to impose aggregate fine on the company and defaulting Directors as under:- Sl. No. Name of the company Fine under sec....

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....t the fine imposed on the Appellant Company is Rs. 1 Lakh for 2014 - 2015 and Rs. 1 Lakh for 2015 - 2016 as against the maximum fine prescribed of Rs. 5 Lakhs for each financial year with regard to applicable provision relating to the Company. Thus, it is submitted that the fine imposed on the Company for each financial year is only 20% of the maximum fine of Rs. 5 Lakhs while for the Directors, i....