Delay in filing Form MGT-14 for resolution u/s. 117

[CS VIJAY L VYAS]

In case of delay of more than a year in filing Form MGT-14 for a Resolution u/s. 117 whether the Company has to apply for Condonation of Delay in CG-1 to Central Government or has to apply for Compounding in GNL-1 to the ROC? Section 117(2) prescribes the penalty for delay, whether that will be applicable or the CG or ROC will determine/adjudicate?

Vijay L Vyas

[JAI PRAKASH Jagdev]

All matters which implies penalty of Rs.25 Lac or less to be filed with RD others NCLT

J P JAGDEV

CS

M.A., LL. B., M.B.A. FCS

22-A, KANSHI NAGAR

MODEL TOWN,

AMBALA CITY -134003

HR IN

99960 20660

94160 20660

On Sun, Jul 10, 2022 at 9:01 PM CS VIJAY L VYAS <csvl...@gmail.com> wrote:

In case of delay of more than a year in filing Form MGT-14 for a Resolution u/s. 117 whether the Company has to apply for Condonation of Delay in CG-1 to Central Government or has to apply for Compounding in GNL-1 to the ROC? Section 117(2) prescribes the penalty for delay, whether that will be applicable or the CG or ROC will determine/adjudicate?

Vijay L Vyas

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[GIRISH KUMAR]

File CG-1 to the Central Government and GNL-1 to ROC.

CG will decide and pass the order.

with regards

CS Girish Kumar M S, MA, LLB, ACS, 

Practicing Company Secretary, 

____________________________________________________________

G K Marppalli & Associates, Company Secretaries

No.58, 6th Cross, Sampige Road, Opp SSLC Board, Malleshwaram, Bengaluru-560003, 

Email:- giriad...@gmail.com/gk.marpall...@gmail.com 

(M)-9845505273/6363393812, (L) 080-23460556

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[VIJAY VYAS]

Dear Mr Girish  

CG 1 is for condonation of delay in filing and GNL-1 for compounding. My point is if the Central Government condones the delay then why compounding application is to be made? Is penalties under Section 117(2) still applicable after condonation?

Would you please throw some light on this?

Thanks and regards

CS VIJAY L VYAS 

FCS 1602

VADODARA 

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[CS Ankit Misra]

Sir,

Can you pls share draft condonation of delay application?

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For ANKIT MISRA & Co

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ANKIT MISRA

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[VIJAY VYAS]

The application for condonation of delay is to be made in e-Form CG1 to the Central Government. The fees for filing is as per the Companies (Regn and Fees) Rules based on the paid up share capital. 

In the said E-Form there is specific item where you have to give details and reasons for delay. 

For example - due to CORONA, long  term illness or change in compliance officer or inadvertently or due to oversight missed to file it. Also whether the default has caused any loss or damage to any stakeholders or general public or the Government?

If not then state so.

Hope this will be helpful for you. 

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