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Issues:
1. Dismissal of complaint against accused under Section 406 IPC. 2. Challenge to the order of Metropolitan Magistrate. 3. Filing of subsequent complaint without disclosing earlier complaint. 4. Vicarious liability of directors under SEBI Act. 5. Vicarious liability of company directors in criminal offenses. 6. Maintaining multiple complaints for the same cause of action. Analysis: 1. The judgment revolves around the dismissal of a complaint against accused Nos. 7 & 8 under Section 406 of the Indian Penal Code by the Metropolitan Magistrate. The Magistrate found that the accused had misappropriated money entrusted to them by the complainant. However, the allegation of threatening the complainant was not substantiated, leading to the dismissal of that part of the complaint. 2. The complainant challenged the Metropolitan Magistrate's order through a criminal revision before the Sessions Court. The Sessions Court dismissed the revision, thereby finalizing the decision of the Metropolitan Magistrate. 3. The issue of filing a subsequent complaint without disclosing the earlier complaint was raised. The respondent filed a second complaint with the same cause of action as the first complaint, which had been dismissed and attained finality. The court held that filing a subsequent complaint on the same cause of action was not maintainable. 4. The judgment also delves into the vicarious liability of directors under the SEBI Act. It cites Sections 27 & 32 of the SEBI Act, emphasizing that directors can be held liable for offenses committed by a company if they were in charge of the company's conduct. However, directors cannot be held vicariously liable if they prove lack of knowledge or due diligence. 5. The judgment further clarifies that directors of a company cannot be held vicariously liable for offenses committed by the company unless the company itself is also accused. The court highlighted that the impugned order did not show any illegality or infirmity in this regard. 6. Lastly, the judgment addresses the issue of maintaining multiple complaints for the same cause of action. The court quashed the subsequent complaint filed by the respondent on the same cause of action after the first complaint had been dismissed and attained finality. Consequently, all proceedings emanating from the subsequent complaint were set aside. In conclusion, the judgment provides a comprehensive analysis of the dismissal of the complaint, challenges to the Metropolitan Magistrate's order, non-disclosure of earlier complaints, vicarious liability of directors under the SEBI Act, and the implications of maintaining multiple complaints for the same cause of action.
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