Registrar of Companies issues show-cause notice to HPL violating mandatory requirements

03-Jan-12
The Registrar of Companies (RoC) has issued a show-cause notice to Haldia Petrochemicals (HPL) on the first working day of 2012, for non filing of balance sheet and not holding annual general meeting (AGM), as per Times Of India. Since 2005, HPL has not filed annual accounts, mandatory under the Company Law, to the RoC, due to legal disputes since 2005, when the dispute between the two promoters TCG and the state government started. It may be noted that HPL board had referred the accounts to audit committee for further verification before approval last month. The accounts were supposed to be approved in the meeting before Registrar of Companies (RoC) filing. However, it has been learnt that the nominees of financial institutions were in favour of referring it to audit committee.
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