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2021 (5) TMI 525 - HC - Companies LawSiphoning of funds - collection of money from the public issue by publishing prospects in the year 1994 by the directors and promoters of the Company - petitioner was professional director - It is the case of the petitioner that being professional director of the Company, the petitioner was not responsible for day-to-day transactions including the financial transactions of the Company - HELD THAT:- The contentions raised on behalf of the respondents are required to be rejected as it is not in dispute that the petitioner was appointed as a professional director of the company in the year 1994 and in view of the facts which are emerging from the record, the impugned complaint filed by the respondent no.2 is also not sustainable as the petitioner being professional director is not involved into day today affairs of the company and there is no material on record to even suggest that the petitioner availed any benefit in capacity of professional director of the company. Therefore, the averments made in the complaint on its face value do not disclose any ingredient of the alleged offence under Sections 403, 406, 409, 415, 418, 420, 424, 120 B and 114 of the Indian Penal Code so far as the petitioner is concerned and therefore, considering the bare averments made in the complaint, the same deserves to be quashed and set aside qua the petitioner and accordingly same is hereby quashed and set aside. Application allowed.
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