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2008 (5) TMI 421 - SC - Companies LawOffence punishable under section 13(1)(c) and 13(1)( d) read with section 13(2) of the Prevention of Corruption Act - Held that:- Appeal allowed. There is no allegation that appellant committed any illegality. The allegation against him is to the extent that he accepted the CANCIGO Units though they stood in the name of the Andhra Bank and Andhra Bank Financial Services Limited. These CANCIGO Units were worth Rs. 33 crores and they were accepted with the proper authorization by the higher authorities in the CANFINA. It is highly improbable to believe that appellant S. Mohan on his own decided to accept CANCIGO Units worth Rs. 33 crores without any instructions. CANFINA did not file any complaint alleging any unauthorized transaction carried out by him. Now it has been held by this Court that the entire transaction was legal and the CANFINA was entitled to the proceeds of these CANCIGO Units and not the ‘Custodian’ under the Act. Therefore, the appellant S. Mohan is not guilty of the offence punishable under section 13(1)(c) and 13(1)( d) read with section 13(2) of the Prevention of Corruption Act.
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