Company Secretary Fails to Lodge Reports, Admits Liability

The Australian Securities and Investments Commission (ASIC) has announced that Arasor International Limited (AIL) company secretary Reginald Bancroft has pleaded guilty to a charge relating to the “company’s failure to lodge its 2009 financial report within the required time”. AIL has admitted to failing to hold the company’s annual general meeting, failing to lodge half-yearly and yearly reports with ASIC, and also failing to provide members with these reports. Under the Corporations Act 2001 No. 50 (Cth), a company’s failure to lodge financial reports can result in the company secretary being held responsible.
ASIC’s media release (19 January 2011)
(Source: ASIC; Lawlex Legislative Alert & Premium Research)