TaxTMI 
TaxTMI 
2021 (6) TMI 196
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....he Registrar of Companies, Maharashtra, Mumbai for the Financial Years 2003-2004, 2004-2005, 2005-2006, 2006-2007 within the prescribed time. Submissions by the Applicants/Defaulters herein: 2. The Ld. Representative for the Applicants/Defaulters herein, submits that every Company was required to hold an Annual General Meeting within 6 months of the closure of the Financial Year. Further, every Company was required to file with the Registrar a copy of the Annual Return, within sixty days from the date on which the Annual General Meeting is held or where no Annual General Meeting is held in any year within sixty days from the date on which the Annual General Meeting should have been held by the Company. 3. The Ld. Representative for the A....
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....th the said provisions of the Act. 7. It is submitted that since the Applicants / Defaulters herein had not deliberately conducted the said offence. Subsequently, after ascertaining the correct position, they have made good of the committed default. Hence, the Ld. Counsel for the Applicants/ Defaulters prayed for allowing the present application and minimum Compounding fee may be imposed. Findings: 8. We have gone through the pleadings available on record and duly considered submissions made by the Learned Representative for the Applicants / Defaulters herein. The sections which are relevant for disposal of the present application reads as under:- "Section 92 (4)" (4) Every company shall file with the Registrar a copy of the annual r....
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....-2005, 2005-2006 and 2006-2007. 11. The present Application can be allowed subject to payment of compounding fee and penalty as per the prescribed section 92(5) where the Company and its every officer who is in default shall be liable to a penalty of fifty thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default" 12. On furnishing the proof of payment of compounding fees and amount of penalty, the RoC shall compound the alleged offence committed/contravened by the Applicant and further may file appropriate app....