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June 2022

CORPORATE LAW CORNER

By Pramod Prabhudesai | Vikash Jain | Chartered Accountants
Kaushik M. Jhaveri | Company Secretary
Reading Time 10 mins
PART A |  COMPANY LAW

4 M/s Technicolor India Private Limited vs. The Registrar of Companies, Karnataka The National Company Law Tribunal, Bengaluru Bench C.P. No. 124/BB/2019 Date of order: 20th January, 2020

Voluntary revision of Board’s report by the Company. The Company filed a petition u/s 131 r.w.s. 134 of the Companies Act, 2013 and Rule 77 of the NCLT Rules, 2016 to permit the Company to revise the Board’s report due to some mismatch in the amount spent on CSR. The Company was permitted to revise the Board’s report without prejudice to the rights of the statutory authorities to initiate any proceedings against the Company, for violation of any provisions of the Companies Act.

FACTS
The petition was filed by M/s TIPL before the NCLT u/s 131 r.w.s. 134 of the Companies Act, 2013 and Rule 77 of the NCLT Rules, 2016 seeking to permit the Company to revise the Board’s report and in specific, the annexure to the report related to Corporate Social Responsibility (CSR).

Following are the brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question:

a) The Company met the net profit criteria u/s 135 of the Companies Act, 2013, and had a CSR committee. The Company had spent some amount as per the CSR Policy of the Company during the fiscal year 2017-18, which was below the threshold mentioned i
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