P.C. Borooah, J.
1. The petitioners, who are directors of Aviquipo of India Private Ltd. having its registered office at 22, Chittaranjan Avenue, Calcutta, have in this application impugned the validity of Case No. C/3044 of 1977, pending in the court of the Metropolitan Magistrate, 9th Court, Calcutta, which was initiated on a complaint filed by the opposite party, viz., the Assistant Registrar of Companies, West Bengal, under Section 210(5) of the Companies Act, 1956, for violation of Section 210(1) and (3) of the said Act. The allegations made against the petitioners and the company were that the company failed to place the balance-sheet for the year ending November, 1975, at its annual general meeting which was held on the 29th May, 1976, but was placed in the adjourned annual general meeting which was held on the 15th of July, 1976.
2. In our view, the prosecution is misconceived and this view is shared by Mr. J. N. Ghosh, learned advocate appearing on behalf of the Assistant Registrar of Companies.
3. In case the annual accounts of a company are not ready for laying at the annual general meeting it is open to the company concerned to adjourn the said annual general meeting to a subsequent date by an appropriate resolution and the accounts may be laid at the adjourned annual general meeting. This was done in the instant case and this is in accordance with the circular bearing No. 35/9/72-CL. III, dated February 2, 1974, issued by the Company Law Board, Ministry of Law, Justice and Company Affairs.
4. In view of what has been stated above, this rule is made absolute and the proceeding pending against the petitioners and others in Case No. C/3044 of 1977 in the court of the Metropolitan Magistrate, 9th Court, Calcutta, is quashed.
S. C. Majumdar, J.
5. I agree.