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2008 (1) TMI 618 - SC - Companies LawWhether issuance of process in a criminal case is one and the same thing or can be equated with taking cognizance by a Criminal Court ? If the period of initiation of criminal proceedings has elapsed at the time of issue of process by a Court, the proceedings should be quashed as barred by limitation ? Whether the proceedings were liable to be quashed on the ground that they were time-barred and upholding the contention of the accused, passed the impugned order? Held that:- Appeal is allowed. The order passed by the High Court is set aside and it is held that cognizance of the offence had already been taken by the competent Criminal Court, i.e., Chief Metropolitan Magistrate, Mumbai on 24-5-2002 and it could not be said that the proceedings were barred by section 49(3) of FEMA. The Chief Metropolitan Magistrate will now proceed to consider the matter in accordance with law. All contentions of all parties are kept open except the one decided by us in this appeal. Since the matter is very old, the Court will give priority and will decide it as expeditiously as possible, preferably before 30-6-2008.
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