2008 (4) TMI 508 - SCH - Companies Law

Whether the expression other legal proceedings occurring in section 446(1) of the Companies Act 1956 includes criminal proceedings or not? Held that - The High Court by the impugned order has held that it does not relying on a decision of B.S.I. Ltd. v. Gift Holdings (P.) Ltd. 2000 (2) TMI 719 - SUPREME COURT OF INDIA . As the question involved in this appeal is also covered by the aforesaid decision relied on by the High Court appeal dismissed.

Summary

The Supreme Court of India in the case of M/s. Pennar Paterson Ltd. clarified that the expression "other legal proceedings" in section 446(1) of the Companies Act, 1956 does not include criminal proceedings. The appeal was dismissed as the question was covered by a previous court decision.