Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2023 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 1269 - MADRAS HIGH COURTViolation under Sections 129, 134, 135 and 186 of the Companies Act, 2013 r/w Companies (Corporate Social Responsibility Policy) Rules, 2014 - respondent would contend that subsequent to the filing of the complaints before the Economic Offences Court, the present Company Petitions came to be filed and hence, the same are not maintainable under Section 463 (1) and (2) of the Act - HELD THAT:- This Court is of the considered view that the petitioners have acted honestly and reasonably and therefore, they are not liable for any contravention of any provision of law as alleged in the respective show cause notices. Therefore, in such circumstances, this Court feels it appropriate to relieve all the petitioners from the liabilities in terms of all the above 10 show cause notices issued by the respondent. In the present case, Company applications were filed on 30.09.2019, whereas the criminal complaints were filed on 05.04.2019, but the summons were issued only on 21.01.2020. Therefore, summons were served only after filing of the Company Petitions. However, the complaints were registered in EOCC Nos. 51 to 59 of 2019 pending on the file of the Economic Offences Court, Egmore - since the petitioners have taken all due care and caution in complying with the provisions of the Act and even if there may be minor lapses and unintentional acts on the part of the petitioners, those are required to be condoned. Therefore, since the petitioners have been managing the affairs of the company in the best possible manner, they have to be fairly excused. In fact, for such minor lapses, unintentional acts and defaults of technical nature, it is not just and proper to prosecute the company's highest ranking officers as it would be detrimental to the amelioration of the company. Petition allowed.
|