law: Company Law Board Regulations, 1991 
  40. Reference under
  
  section 621A – 
  1.     
  
    Every
  
  application for compounding of an offence shall be made by a company or its
  
  officers in default to the Registrar specifying clearly the nature of offence,
  
  the date or period during which the offence was committed or continued, the
  
  name and address of officers of the company who have committed the offence and
  
  the prayer made.
  2.     
  
    The
  
  Registrar shall forward the application made by the company, together with his
  
  comments thereon, to the Board or the Regional Director, as the case may be,
  
  within 30 days from the date of receipt of the application.
  3.     
  
    Every
  
  Regional Director shall exercise the powers to compound an offence, subject to
  
  any general or special order of the Board.