TaxTMI 
TaxTMI 
2019 (7) TMI 1667
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.... the registry of this Bench, which has been numbered as C. A. No. 118/441/HDB/2019 (for the year 2012) ; C. A. No. 114/441/HDB/2019 (for the year 2013) ; C. A. No. 120/441/HDB/2019 (for the year 2014) ; and C. A. No. 116/441/HDB/2019 (for the year 2015). 2. Brief averments of the applications are that the company is a private limited company incorporated on March 15, 2007 under the Companies Act, 1956, having its registered office at 2nd Floor, SVSKL Mansion, H. No. 3-6-369/A/18, tree No. 1, Himayath Nagar, Hyderabad-500 029. The authorised share capital of the company is Rs. 5,00,000 divided into 50,000 equity shares of Rs. 10 each. The issued, subscribed and paid-up capital of the company is Rs. 5,00,000 (divided into 40,000 equity shares of Rs. 10 each and 10,000 preference shares of Rs. 10 each). The main objects of the company are to hold, acquire by purchase, lease, exchange, licence or otherwise, manage, improve, develop, invest in, sell, alienate, dispose off and deal in lands, estates, buildings, easements, hereditaments, flats, houses, halls, godowns, mills tenements, factories, dwelling houses or other landed properties of any description or tenure and any estate or int....
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.... no transactions since 2012, so the bank account of the company was placed as "inactive" by the banks. Applicants Nos. 2 and 3 herein visited to the bank personally several times since February, 2017, and got the bank account operational and active and obtained bank statement. Thereafter, the company prepared the accounts and got the same audited and then conducted the annual general meeting on July 10, 2017. By the time the company prepared documents for compliance with the applicable provisions, the company was shown as strike off and became inactive for e-filing on the MCA portal and the company was unable to file any documents with the Registrar of Companies and after several requests and follow-ups the status of the company was put to active on September 1, 2017 enabling it to file required forms with the MCA portal and the company filed all the required forms on the same day. The delay was neither intentional nor due to ignorance of the management of the company, but due to circumstances beyond its control. 4. It is further submitted that in Company Petition No. C. P. (IB) No. 97/7/ HDB/2017, filed by the company under section 7 of the Insolvency and Bankruptcy Code, 2016 se....
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....eneral meeting held on Delay in days 118/441/HDB/2019 31-3-2012 30-9-2012 10-7-2017 1,744 114/441/HDB/2019 31-3-2013 30-9-2013 10-7-2017 1,378 120/441/HDB/2019 31-3-2014 30-9-2014 10-7-2017 1,013 116/441/HDB/2019 31-3-2015 30-9-2015 10-7-2017 648 Hence, the company has violated the provisions of section 166 of the Companies Act, 1956 (presently section 96 of the Companies Act, 2013). 5. The Registrar of Companies vide his report dated December 3, 2018 has referred to the provisions of section 166 of the Companies Act, 1956 submitted that as per section 168 of the Companies Act, 1956, the company and every officer in default shall be punishable with fine, which may extend to Rs. 50,000 and with a fine of Rs. 2,500 for every day during which default continues. Similarly, the Registrar of Companies referred section 96(1) of the Companies Act, 2013 submitted that as per section 99 of the Companies Act, 2013, the company and every officer of the company who is in default shall be punishable with fine which may extend to Rs. 1,00,000 and in the case of a continuing default, with a further fine which may extend to Rs. 5,000 for every day during which such de....
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....ation continued up to March 31, 2014. Thereafter, liable to be penalized under section 99 for violation of the provisions of sub-section (1) of section 96 of the Companies Act, 2013 from April 1, 2014, i. e., the date Companies Act, 2013 came into force. 8. Heard, the learned PCS representing the applicants. Perused the documents, report of the Registrar of Companies and the order dated August 11, 2017 passed by the hon'ble National Company Law Tribunal in C. P. (I. B.) No. 97/7/HDB/2017. It is seen from the order at paragraph (i) in page No. 40, it was directed that the present applicant-company and its directors to file compounding applications before the Registrar of Companies, Hyderabad for various non-compliances/delayed compliances with regard to various provisions of the Companies Act. Subsequently, the applicants herein have filed the present compounding applications. The PCS representing the applicants pleaded for taking lenient view on the ground that this is the first offence committed by the company. The Registrar of Companies report also confirms the same being the first offence. Therefore, the company applications are allowed, accordingly this Bench is inclined t....