1988 (1) TMI 294 - HC - Companies Law

Summary

The High Court of Karnataka allowed the petition by accused Nos. 1 and 3 to 10 against the order issuing process under section 111(2) read with section 629-A of the Companies Act, 1956. The court found that the main ingredients of the offence were not proven by the complainant in the sworn statement, leading to the dismissal of the complaint and quashing of the proceedings.