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TMI Blog2011 (1) TMI 1201X X X X Extracts X X X X X X X X Extracts X X X X ..... ohan Gupta for the Appellant. Neeraj Khanna and Ms. Kiran Bhardwaj for the Respondent. ORDER Adarsh Kumar Goel, J. - This appeal has been preferred against order of learned Single Judge holding the appellant guilty under section 454(5) of the Companies Act, 1956 ('the Act') and imposing fine of Rs. 50,000. 2. M/s. Northland Sugar Complex Limited was a company registered under the Act and was or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant was nominated vide order dated 4-5-1993, Annexure A-1. Section 41A of the State Financial Corporations Act, 1951 provided that for any official acts done in good faith, the nominee Director was not liable for prosecution. The Government of India vide letter dated 20-9-1973 also stated that criminal prosecution could not be initiated against the nominee Director of the financial institution w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in possession of any assets, books of account or document. He also did not receive any notice from the Official Liquidator which could not be rebutted. 6. Learned counsel for the Official Liquidator relies upon judgment of this Court in Northland Sugar Complex Ltd. (In Liqn.) v. Sansar Chand Maini [2010] 103 SCL 211 (Punj. & Har.) holding that even a nominee Director could be proceeded against ..... X X X X Extracts X X X X X X X X Extracts X X X X
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