9911796707
TMI Blog1981 (4) TMI 230X X X X Extracts X X X X X X X X Extracts X X X X ..... s, the petitioner, who is the Deputy Chief Officer, Pept. of Non-Banking Companies of the Reserve Bank of India, has. taken out Judge's Summons for obtaining leave under section 446 of the Companies Act, 1956, for launching prosecutions against respondents Nos. 1 to 3 in all these applications for the alleged violation of clause 4 of the Miscellaneous Non-Banking Companies (Reserve Bank) Direction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B. K. Bhatt, AIR 1974 SC 1183, it was held that no such permission was necessary since, admittedly, the company was not joined as a party accused. So far as the present case is concerned, the company is sought to be prosecuted for the alleged violation of the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1973, under section 58C(1) of the Reserve Bank of India Act, 1934. Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of the contravention or default and shall be liable to be proceeded against and punished accordingly : Provided that nothing contained in this sub-section shall render any such person liable to punishment if he proves that the contravention or default was committed without his knowledge or that he had exercised all due diligence to prevent the contravention or default". On a plain reading of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation No. 207 of 1980 dated October 8, 1980 M. B. Parikh v. Manekchowk Ahmedabad Mfg. Co. Ltd. (In liquidation ) [1983] 53 Comp. Cas. 515 ( Guj. ) ( supra ) (per B. K. Mehta J.) cannot be pressed into service on the facts and in the circumstances of the present case. A further question arose whether the company could be prosecuted under section 58C(1) since the corporal punishment of imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can, in order to effectively carry out the statutory sentence, impose the sentence of fine only in cases where the offence is committed by the company. However, as stated above, the larger question is not relevant for the present purpose. In that view of the matter, having regard to what is stated in the affidavit in support of the summons, the contents of which are not controverted by any of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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