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2008 (10) TMI 355 - HIGH COURT OF KERALAWinding up - Statement of affairs to be made to Official Liquidator - crime of violation of section 454 of the Act as alleged by the official liquidator - Held that:- Finding here show that the official liquidator failed to show that the second accused did not file the statement of affairs for reasonable cause as no documents were entrusted to him. No evidence was adduced to show that default was committed without reasonable cause. In fact, second accused adduced evidence to show that immediately on receipt of notice, he went to the office of the official liquidator and appraised him that he was not having any documents and was unable to file the statement of affairs. He has also informed the official liquidator in writing. In any event, the official liquidator gave evidence to the effect that ex-directors did not hand over any of the documents to the second accused in his enthusiasm to rope in the ex-officers. Hence, it is not proved by the official liquidator that the second accused has committed default without reasonable cause. Hence, second accused is also entitled to be acquitted and his conviction and sentence is also liable to be set aside. Thus we set aside the conviction and sentence and allow all the company appeals.
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