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Issues:
1. Competency of the appeal under section 454(5A) of the Companies Act. 2. Interpretation of section 483 of the Companies Act in relation to appeals from orders in winding up matters. 3. Consideration of whether a decision in a criminal prosecution under section 454(5A) can be subjected to an appeal under section 483. 4. Comparison with the decision of the Punjab and Haryana High Court in a similar case. 5. Certification of the case for appeal to the Supreme Court under article 134(1)(c) of the Constitution. Detailed Analysis: 1. The judgment in question deals with the competency of an appeal under section 454(5A) of the Companies Act. The appeals arose from a judgment convicting accused directors of a company for non-compliance with the requirements of section 454 of the Companies Act. The appellants argued that an appeal would lie against the conviction pursuant to the power under section 454(5A) of the Companies Act. However, a previous decision of a Division Bench of the same court had declined to entertain an appeal against a judgment passed in exercise of criminal jurisdiction. The court considered the maintainability of the appeal in light of this precedent. 2. The interpretation of section 483 of the Companies Act was crucial in this case. Section 483 provides for appeals from orders or decisions in the matter of the winding up of a company. The court analyzed the scope of section 483 in relation to appeals from orders in winding up matters. The court examined whether a decision in a criminal prosecution under section 454(5A) could be considered as falling within the ambit of section 483 for the purpose of appeal. 3. The court delved into the question of whether a decision in a criminal prosecution under section 454(5A) could be subjected to an appeal under section 483 of the Companies Act. The court considered the language of section 483(1) and its application to matters in the winding up process. It distinguished between matters "in the matter of winding up" and those "incidental to" winding up. The court concluded that a decision in a prosecution under section 454(5A) did not fall within the scope of section 483 for the purpose of appeal. 4. The court compared its decision with a previous judgment of the Punjab and Haryana High Court in a similar case. While attention was drawn to the decision of the Punjab and Haryana High Court where a similar appeal was entertained, the court found that the specific question regarding the appeal's maintainability was not before the court in that case. Therefore, the court concluded that the said decision might not be of significant assistance in the present matter. 5. Finally, the court certified the case for appeal to the Supreme Court under article 134(1)(c) of the Constitution. The counsel for the appellants made an oral application for a certificate of leave to appeal to the Supreme Court under section 134A of the Constitution. The court certified the case as fit for appeal to the Supreme Court due to the importance of the question involved and the absence of a considered precedent on the matter.
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