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TMI Blog2010 (3) TMI 671X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of affairs was to be filed by Directors of the Company as named in para 2 of instant application, as required under section 454 of Indian Companies Act, 1956 ("Companies Act"); but it was not done in the prescribed time; as such Official Liquidator (applicant) as a complaint has filed instant application under section 454 of the Companies Act, read with rule 9 of Companies (Court) Rules, 1959. This Court vide order dated 17-9-2004 while admitting the complaint issued notice to the respondents. However, reply to the complaint (instant application) has been filed which has certainly to be examined in accordance with procedure provided for the trial of summons cases under CrPC. But in the reply, preliminary objection has been raised by res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficial Liquidator.-(5) If any person, without reasonable excuse, makes default in complying with any of the requirements of this section, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may, extend to one thousand rupees for every day during which the default continues, or with both. (5A) The Tribunal by which the winding up order is made or the provisional liquidator is appointed, may take cognizance of an offence under sub-section (5) upon receiving a complaint of facts constituting such an offence and trying the offence itself in accordance with the procedure laid down in the Code of Criminal Procedure, 1898 (5 of 1898) for the trial of summons cases by Magistrates." However, provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That is why under sub-section (5) of section 454, the punishment of fine could extend to one hundred rupees of every day during which the default continued. Mr. Malhotra is right when he says that in the present case, section 472 of the Code would be applicable." Thus viewed, offence of non-filing of statement of affairs as required under section 454 (1) and (2) as per time stipulated under section 454(3) is a continuing offence under section 454(5) and it terminates only on filing of statement of affairs; that being so, under sub-section (5) of section 454, punishable with imprisonment or fine for every day during which the default continues - as a result whereof, section 472 CrPC would be attracted in the facts of instant case. 6. Judgm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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