Tough Ltd. could not hold its 12th annual general meeting by 30th September, 2017 for the year ended 31st March, 2017. It did not apply for extension of time for holding the meeting. The Company filed financial statement

In terms of section 137(2), in case, the annual general meeting of a company for any year has not been held, the financial statements along with the documents required to be attached, duly signed along with the statement of facts and reasons for not holding the annual general meeting shall be filed with the Registrar within thirty days of the last date before which the annual general meeting should have been held. By virtue of section 137(3) of the Companies Act, 2013, if a company fails to file the copy of financial statements under sub section (1) or (2), as the case may be, before the expiry of period specified in section 403, the company shall be punishable with fine of one thousand rupees for every day during which the failure continues but which shall not be more than ten lakh rupees and the managing director and chief financial officer of the company, if any, and, in the absence of them any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees, or with both. As the company Tough Ltd filed financial statements not within time limit as specified under section 403, the above mentioned provision will be applicable. However, the company can apply the financial statement with the applicable additional fee and go for compounding of offence under Section 441 of the Act.