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2012 (6) TMI 224 - KARNATAKA HIGH COURTWinding up – directors – Non filing of statement of affairs - non-compliance of requirements - criminal proceedings – Held that:- since the company was ordered to be wound up on 07.11.2005 at the first instance, in any event, the Directors had time till 28.11.2005 for the purpose of filing their statement of affairs. The question would therefore be as to whether there was any intervening circumstance between the said dates which has made it impossible for the respondents to file the statement of affairs? The records and documents relating to the company was also in the premises and has been taken over by the Bank, the first respondent has addressed a letter to the Manager, - These aspects would indicate that there was reasonable cause for the respondents in not complying with the requirement. nature of a criminal proceedings the benefit of reasonable cause is to be granted to the respondents since the facts in the instant case as noticed above would disclose that the respondents were prevented by reasonable cause from filing statement of affairs within the time provided in law and also the non-rectification was due to the very same cause which has still continued to exist. respondents are to be exonerated. application is accordingly disposed of.
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