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1930 (11) TMI 15 - HC - Companies LawExtract: .......that the company was in default from the very moment when the retiring director resigned. In the circumstances it does not seem to me clear that the petitioners have committed any offence under Section 87, Companies Act. 3. The convictions and sentences are therefore set aside and the petitioners are acquitted. The fines, if paid, must be refunded.
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