Wednesday, February 15, 2017

NCLT allows compounding of offence on failure of company to follow Accounting Standard

The National Company Law Tribunal, Hyderabad Bench held that where company did not follow accounting standards in preparation of annual account as stated in Director's Responsibility statement, hence, violated provision of section 217, on company's application, compounding was to be allowed subject to payment of compounding fees. [2017 ] 77 taxmann.com 270 (NCLT - Hyd.)

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