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2023 (1) TMI 153 - HC - Companies LawNon-compliance of Section 220 of the Act, 1956 for period in year 2008-2009 and 2009-2010 - non-submission of balance sheet and profit and loss account - case of petitioner is that he retired form post of Director prior to the alleged period and no liability can be fastened on him - HELD THAT:- This is a case where admittedly petitioner worked as Director of the Company between the period 30th September, 1992 till 13th March, 1995 and then resigned. In 2011, under the mistaken belief, complaint was filed against present petitioner also for alleged non-compliance of Section 220 of Act, 1956 for which penalty is provided under Section 162 of the Act, 1956. Admittedly, alleged non-compliance is for the period 2008-2009 and year 2009-2010 where some defaults on the part of the Company are made. Admittedly, petitioner resigned w.e.f. 13th March, 1995. Much thereafter, alleged defaults have been committed. From the facts, it appears that S.E.B.I. has already considered this aspect twice and exonerated the petitioner from the teeth of Section 162 of the Act and other related provisions. This stands true for all other cases also, particulars of which are given in table above. All provisions and respective penalty, if looked into, then it is clear that no case is made out against the petitioner. The petitioner made out his case for interference. Once, he resigned in the year 1995, then he cannot be fastened with any liability for a period of 2008-2009 and 2009-2010 - petition allowed.
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