Bazaar Limited called its AGM in order to lay down the financial statements for Shareholders’ approval. Due to the want of Quorum, the meeting was canceled. The directors did not file the annual returns with the Registrar. The directors were of the idea that the time for filing returns within 60 days from the date of the AGM would not apply, as the AGM was canceled. Has the company contravened the provisions of the Companies Act, 2013? If the company has contravened the provisions of the Act, how will it be penalized?

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