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2009 (2) TMI 473 - HIGH COURT OF MADRASNon filing of statement of affairs - the official liquidator has filed a complaint against the respondents who were the ex-directors of the company under liquidation - Held that:- The evidence shows that the official liquidator desires to prosecute the offenders with a fine of more than ₹ 2 lakhs since the offence of non-filing of the statement of affairs is a continuing offence. However, taking into consideration on the peculiar facts and circumstances of the case we order the fifth respondent to pay a fine of ₹ 25,000. The fine shall be payable within six weeks from the date of the order and in the event of default in payment of fine, the fifth respondent shall undergo simple imprisonment for a period of two months. As regards the first respondent Mr. Samuel James Fredrick, the second respondent Mr. N. Chandrasekaran, the third respondent Mr. M.J. Premnath, the fourth respondent Ms. P. Bhuvaneswari and the sixth respondent Mr. B. Raghavan, it is held that the prosecution has failed to establish that they have committed default in filing the statement of affairs without reasonable excuse. In view of the same, the said respondents are acquitted of the charges framed against them.
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