Friends
Pursuant to section 97 of the Companies Act, 1956, every Company limited by guarantee has to intimate ROC any increase in the number of its members in Form 5 within 30 days from the date of such change.
The Number of Members of a Company limited by guarantee kept changing since incorporation but the said change was inadvertently not intimated to the ROC. Now, the Company wishes to rectify the mistake.
The company cannot file form 5 with late fee because the Company is a 50 years old company and there is a continuous change in the members since incorporation.
Is there any other way out to rectify the said error than filing an application under section 621A with the Company Law board for compounding of such offence? Please advise further course of action.
Regards,
CAclubindia
