TaxTMI 
TaxTMI 
2024 (11) TMI 881
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....this Act. 2. Company: WHEREAS Company KHATTU HOUSING SOLUTIONS PRIVATE LIMITED [herein after known as Company] is a registered company with this office incorporated on 18.08.2005 under the provisions of Companies Act, 1956 having its registered address at Office No. 803, 41A, A.J.C Bose Road, Diamond Prestige, 8th Floor, Kolkata, West Bengal-700017, India as per MCA website. 3. Facts about the Case 1. On the basis of Inquiry carried out u/s 206(4) of the Companies Act, 2013 the following violation are pointed out in the Inquiry report: 1. CONTRAVENTION OF SECTION 158 OF THE COMPANIES ACT, 2013: I.O.'s Observation : As per Section 158 of the Companies Act, 2013, Every person or company, while furn....
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....in any reference of the director. Section 172: If a company is in default in complying with the requirements of this section 158, the company and every officer of the company 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 five hundred rupees for each day during which such failure continues, subject to a maximum of three lakh rupees in case of a company and one lakh rupees in case of an officer who is in default. 3. Accordingly, the adjudication officer has issued adjudication notice vide No. ROC/ ADJ/104794/ 92/ 2023/2947-2949 dated 16.07.2024 (herein after referred as Adjudication Notice) under Section 454(4) read with ....
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....0 so you have no power whatsoever to adjudicate under the Companies (Adjudication of Penalties) Rules, 2014 for the offence if at all committed on or before 21.12.2020. (ii). As per section 468 of the Code of Criminal Procedure, 1973 if for any offence punishment is fine only the period of limitation to prosecute is six months. If for any offence punishment is imprisonment for a term of extended up to one year the period of limitation to prosecute is one year, If for any offence punishment is imprisonment for a term exceeding one year but not exceeding three years, the period of limitation to prosecute is three years. In view of the above I.O is not entitled to prosecute the addressees of your above notice where for any offen....
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....lations which are only technical to be adjudicated by in-house process. Further, Section 454 of the Companies Act also makes it clear that where after adjudication and person either does not pay penalty or fails to comply with the order of adjudication, he is liable for punishment, either fine or imprisonment. Therefore, the object of the amendment Act is to give an opportunity to the person to comply with the provision and only after the order of adjudicating officer directing the compliance or his payment of penalty is violated, it would become an offence. 14. Therefore, we are of the view that the intention of the Parliament is very clear and the since of the Amendment Act 2020 mollifies the rigour of punishment the beneficial c....
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....in Rs.) 1. KHATTU HOUSING SOLUTIONS PRIVATE LIMITED (For the FY ended 2014-15) 50,000*1 years = 50,000 50,000 2. ISHAN AGARWAL (Director) (For the FY ended 2014-15) 50,000*1 years = 50,000 50,000 3. VISHWANATH AGARWAL (Director) (Deceased) (For the FY ended 2014-15) - NIL Total penalty payable 1,00,000 3. The concerned noticees shall pay the said amount of penalty individually for the company and its director (out of own pocket) by way of e-payment [available on Ministry website www.mca.gov.inl under "Pay miscellaneous fees" category in MCA fee and payment Services within 90 days ....