TMI Blog1933 (6) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... of convictions and sentence under sections 32(4) and 134 (4), Companies Act (VII of 1913); and in the matter of an appeal under section 411, Criminal Procedure Code. The convictions referred to were not of Ajit Kumar Chatterjee but of the Eastern National Insurance Co., Ltd. It is therefore obvious that the company should have been the appellant acting through a properly authorized agent. It is to be observed that in paragraph 6 of the memorandum of appeal it is stated: Being aggrieved by the said orders of the learned Chief Presidency Magistrate, your petitioner begs humbly to prefer this appeal in this Hon'ble Court, the petitioner as I have stated being Ajit Kumar Chatterjee. However, putting on one side this defect in the proceedings, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore the company at the general meeting, a copy of it shall be filed before the Registrar of Joint Stock Companies. The conviction of the company under section 134(4) however, in effect makes very little practical difference as under section 131 the company is liable by reference to section 32, to a fine not exceeding Rs. 50 for every day during which the default continues, and it is obvious that the default did continue for a period of at least ten days, so that the fine of Rs. 500 imposed by the learned Chief Presidency Magistrate was less than the fine which he might have imposed under the provisions of section 131, the full penalty for not complying with the requirements of that section being Rs. 1,000. If it is necessary for the purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions imposed by that Act, and there is no escape from those obligations. It is to be observed that the provisions of sections 32, 131 and 134 are mandatory as regards the company, the words of the section being the company shall make a list of its members, shall cause accounts to be balanced and a balance sheet to be prepared and shall file a copy of that balance sheet. There are no qualifications to those provisions. Therefore, any company which makes default in compliance with them ipso facto renders itself liable to the penalties imposed by those sections. The position of course is different as regards the officers of the company. I have already pointed out that so far as they are concerned before a conviction can rightly be obtained, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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