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CONSEQUENCIES FILING OF e-form MGT-14 AFTER 30 DAYS

CONSEQUENCES  FILING OF e-form MGT-14   AFTER 30 DAYS Impact of Adjudication There is always confusion between “ CONSEQUENCES ON FILLING OF E-FORM MGT-14 AFTER DUE DATE ” there are confusions like:         ·         Whether it is required compounding/ Condonation or adjudication? ·   Which authority having power under act for compounding/ Condonation or adjudication? LEGAL BACKGROUND: As per Section 117, a copy of every resolution or any agreement, in respect of matters specified in sub-section ( 3 ) shall be filed with the Registrar within  THIRTY DAYS of the passing or making thereof  in such manner  and with such fees   as may be prescribed . PENALTY: If any company fails to file the resolution or the agreement under sub-section (1) before the expiry of the period specified therein,  §   SUCH COMPANY shall be liable to a penalty of one lakh rupees and in case of continuing failure, with further penalty of five hundred rupees for each da y af

ADJUDICATION OF PENALTIES

ADJUDICATION OF PENALTIES COMPANIES ACT, 2013 There is always confusion between “Provision of Adjudication of Penalties” and “Authority having power on Adjudication”.   Through, this editorial author made an attempt to elaborate the basic meaning and powers under “Adjudication of Penalties”. Adjudication of Penalties is New Concept under Companies Act, 2013. In earlier Companies Act, 1956, there were no such provisions like this. As all of us are aware that Compliances and governance has been increased under Companies Act, 2013. Minor non-compliances like failure to file every resolution or agreement, failure to furnish information about DIN, failure of filling of forms etc ‘ Non Filing of MGT-14 within 30 days, Non filing of AOC-4 within 30 days and non filing of MGT-7 within 60 days ” are proposed to be brought within the purview of the Adjudication by Registrar of Companies. The Companies (Amendment) Ordinance, 2018 The main maxim of writing of this article is,