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2019 (10) TMI 545 - HC - Companies LawInitiation of action against the petitioners for the alleged offences punishable under section 97(1) and read with Section 97(3) of Companies Act, 1956 - Petitioners have assailed the said action on the ground that proceedings initiated against them are barred by limitation - HELD THAT:- In terms of Section 97, the offence gets completed on expiry of 30 days from the date of passing the resolution or from the date of subsequent resolution. Since action has been initiated against the petitioner beyond the period of 30 days, prosecution launched against the petitioner is barred by limitation and therefore cannot be sustained. Proceedings initiated against the petitioners are quashed - Petition allowed.
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