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$15,000 fine for failure to lodge annual reports

by Martha.Ware 6. June 2011 11:30

A Victorian public company has been fined $15,000 by the Melbourne Magistrates Court for failing to lodge its annual financial reports with ASIC and not reporting to its members.

An ASIC investigation found that between 1 November 2008 and 18 November 2010 Fulcrum Equity Limited failed to hold an annual general meeting, and its company director and secretary, Michael Boyd, failed in his obligations to lodge the company’s financial report, directors’ report, auditor’s report or a concise report for the financial year in breach of ss 314 and 319 of the Corporations Act 2001.

Mr Boyd pleaded guilty to the offences but had no conviction recorded against him.

ASIC Commissioner, Dr Peter Boxall, said that the requirement for public companies to lodge annual returns with ASIC is an important function to demonstrate openness and transparency.

‘ASIC takes the non-lodgement of important company information seriously and we’ll continue to take action to send a message to the market,’ Dr Boxall said.

ASIC is required to make company information available to the public as soon as practicable and proactively identifies reporting entities that have failed to lodge their annual reports and/or hold annual general meetings. This ensures that creditors, investors and the public have access to accurate and up-to-date information about corporations through ASIC’s register of companies.

The offences were prosecuted by the Commonwealth Director of Public Prosecutions.

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