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2022 (6) TMI 176 - Corporate Laws
Head Note / Extract:
Discrepancies in disclosures while preparing Balance Sheet - Period of limitation for filing Complain by the ROC - Condonation of delay - Non factoring the previous years figures of Fixed assets and value of inventory - Issuance of summon to face trial filed under Section 211(7) of the Companies Act, 1956 - non-compliances with the provisions of Section 211 of the Companies Act, 1956 - HELD THAT:- It would have been quite simple for this Court to have considered the question of limitation, but for the fact that both the complaints were accompanied with applications for condonation of delay. While taking cognizance, the learned Trial Court has to apply its mind as to whether the complaint presented was within the period of limitation or not. The learned Trial Court must also consider whether there were sufficient grounds to condone the delay that may have occurred in the presentation of the complaint. But in the two cases at hand, clearly, the learned Trial Court overlooked the filing of the application for condonation of delay. The mind has not been applied to the question of condonation of delay and the complaint being within the period of limitation. This Court is left with no choice but to set aside the impugned orders dated 12th July, 2019 and remand the matters back to the learned Trial Court to consider the applications for condonation of delay - Petition allowed by way of remand.