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2018 (12) TMI 1884 - HC - Companies LawOrder of refund some of its FDR (Fixed Deposit Receipts) of 17 investors within 30 days - non-compliance with the order - HELD THAT:- From the conspectus of the facts, it appears that the petitioner has no role in the allegations leveled against him. The post on which the petitioner was appointed as Director of the Company seems to be a mere paper arrangement only and unquestionably his tenure is of approximately four months i.e. from 07.11.2013 to 06.03.2014. Assuming that the petitioner has in fact taken some decisions as per the say of the respondents, there is nothing to show that he had attended any Board Meetings as a Director or otherwise or he has formed any committee or has taken any decision during his tenure of three months by exercising powers of Director. No material is produced on record to show that the petitioner in fact had participated in any of the Board Meetings or had appointed any Committee as envisaged in Section 292 of the Act. As per section 283(1)(g) of the Act, the petitioner would seize to function as a Director, as he did not attend the Board Meetings for a period of three months. In the affidavit filed by the respondents in the aforenoted writ petition, it is admitted that the tenure of the petitioner was from 07.11.2013 to 06.03.2014. Thus, in absence of any material against the petitioner depicting his involvement in the affairs of the Company, it can be safely presumed that there was no role played by the petitioner in any capacity in taking any decisions which would attract the offences alleged against him in the impugned criminal cases. This Court is of the considered opinion that the criminal cases filed by the Registrar of the Companies are liable to be quashed and set aside by invoking the inherent and extraordinary powers of this Court under Section 482 of the Code of Criminal Procedure in order to prevent the abuse of process of Court - Petition allowed.
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