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2020 (2) TMI 1369 - HC - Companies LawNon-Banking Company - non-compliance of the provisions of Section 58A(6) of Companies Act - It is the contention of the petitioner that the 1st petitioner Company is exempted under Section 58A(7) of the Companies Act - HELD THAT:- The 1st petitioner Company is a Public Limited Company registered under the Companies Act 1956. The Company was initially incorporated as M/s.Viswpriya Financial Services and Securities Pvt Ltd on 13.05.1991 and later converted to Public Limited Company on 03.09.1997. The 1st petitioner company was at that time managed by the second petitioner. The second petitioner was himself the Chairman and Managing Director and in default, the person responsible for the affairs of the 1st petitioner company. The 1st petitioner Company was a non-Banking Financial Company at the time of issuance of impugned advertisement and therefore, it would be liable for punishment under 58A(6)(a)(i) and the other petitioners, who are officers are liable under Section 58A(6)(b) of the Companies Act. The trial Court also after considering the entire materials has framed charges for the offence under Section 58A(6)(a)(i) as against the 1st petitioner Company and under Section 58A(6)(b) for the 2nd petitioner. Now, whether the Registrar of Companies can file the complaint for prosecuting the petitioners and whether the allegation against the petitioners falls under Section 58A(2)(b) and punishable under Section 58A(6), are the matters for trial, after recording the evidence - Though the trial Court after taking into consideration framed the charge, the petitioner has not challenged that order but once again filed a petition invoking Section 482 Cr.P.C. This Court in VISWAPRIYA FINANCE SERVICES & SECURITIES LTD. VERSUS REGISTRAR OF COMPANIES [2001 (6) TMI 784 - HIGH COURT OF MADRAS], on the very same issues had already decided that only the trial Court has to consider all the facts from the materials available and whether the petitioner will come under exemption under Section 58A and 58A(2)b and punishable under Section 58A(6) of the act, has to be decided after recording the evidence. Once this Court has already decided the issues, cannot reopen its own decision. Since the matter is pending from 2013, the trial Court is directed to complete the trial and dispose of the case in accordance with law within a period of four months from the date of receipt of copy of this order - Petition dismissed.
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