Section 117 requires the filing of resolution and agreements as specified in Section 117(3)
Purpose: The purpose of Section 117 is to ensure that certain resolutions and agreements of a company are filed with the Registrar of Companies (RoC), thereby making them publicly available and ensuring transparency.
Timeline: The timeline for filing the resolutions and agreements specified in Section 117(3) is within 30 days of the passing of the resolution or the execution of the agreement.
Penalty: Failure to comply with Section 117 can result in a penalty ranging from a minimum of INR 1,000 to a maximum of INR 5,000 for each day of default. The maximum penalty is INR 25 lakhs.
Form: The resolution or agreement is required to be filed in Form MGT-14 with the RoC.
Reporting authority: The reporting authority for filing the resolution or agreement specified in Section 117(3) is the RoC.
Other: The resolutions and agreements specified in Section 117(3) include special resolutions, resolutions requiring a special notice, resolutions passed for buyback of securities, resolutions passed for voluntary winding up, resolutions passed for reduction of share capital, and agreements relating to appointment of managing or whole-time directors.
