2020 (12) TMI 1136

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....ation of section 134  (3) (o) r/w Section 135 (5) of the Companies Act, 2013 wherein the Company did not make the required expenditure for CSR and the reason for not spending the CSR amount have not been disclosed in Board Report of Financial Year 2014-15.  Submissions by the Applicants / Defaulters herein: The Ld. Representative for the Applicants/Defaulters herein, submits that this application was filed because the Company had to file the form GNL-1 u/s 441 of the Companies Act, 2013 for compounding and also violated the provisions of Section 134(3) (o) r/w Section 135 (5) of the Companies Act, 2013(hereinafter as Act) whereas, as per section 135(5), the Board of every company liable for CSR u/s 135(1) shall ensure that t....

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....or the year ended 31.03.2015 did not contain the reasons for non-disclosure.   4.  The Board of Directors of Company vide its Resolution dated 21.12.2016 authorized Mr. Arjun Anil Salgaocar, Director of the Company to file an application for compounding of offence under section Section 134(3) (o) r/w Section 135 (5) for Financial Year 2014-2015. 5.  The Ld. Representative for the Applicants/Defaulters herein, submits that the Directors of the Company are extremely serious about the compliance of provisions relating to CSR and in pursuance to that the Company has constituted a CSR committee comprising of two directors namely Mr. Arjun Anil Salgaocar and Mr. Mukesh Mathuradas Saglani.  6.  The Ld. Repres....

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....The Learned RoC also reported that, the Company has given its reply to the RoC, in the reply dated 7th August, 2017 to the notice dated 24.07. 2017 for Financial Year 2014-15. The contravention of Section 134(3) (o) r/w Section 135 (5) of the Companies Act, 2013 was unintentional and there was no wilful default. The Company had realised the inadvertent error and undertake to file the Compounding Application under Section 441(6) of the Companies Act, 2013. The Company had made a submission to the RoC not to initiate penal action for contravention of section 134(3) (o) r/w Section 135. Findings: 11.  The Bench   has gone   through   the   pleadings on   record   and &....

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....s also transferred an amount of Rs. 30, 43,162/- to the Bank Account of the Trust. 13.  It is also noticed that the Trust Anil Salgaocar Foundation has donated a sum of Rs. 75,000/- to Dadapir G. Chauri Trust for Handicapped. The Trust has also donated a sum of Rs. 25, 00,000/- to Bahujan Hitay for Construction of Girls Hostel in Mapusa, Goa. The said receipts of proof are on record.  14.  On examination of the circumstances as  discussed  above  and  after considering the submissions made, a Compounding Fee of Rs. 50,000/- (Rupees Fifty Thousand only) by the Company and Rs. 50,000/- (Rupees Fifty Thousand each only) by the 2 Directors herein i.e.  Rs. 1,50,000/- in total (Rupees One Lakh Fifty ....