1997 (2) TMI 433

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..... 220 of the Companies Act has been filed ( i ) seeking a restraint order against the Registrar of Companies, Bihar, from initiating any criminal proceeding against the petitioners as the directors of Bihar Cotton Mills Limited, Phulwarisharif, Patna, for having committed default in preparation and filing of the balance-sheet, profit and loss accounts of the company for the year ending on December 3 .....

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..... r is or may be liable in respect of his acts of negligence, default, breach of duty, misfeasance or breach of trust, but that he has acted honestly and reasonably, the court may excuse him either wholly or partly from his liability on such terms as it thinks fit. Sub-section (2) of section 633 of the Act provides that where the officer has reasons to apprehend that any proceeding will or might be .....

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..... present case there is no allegation that the acts of non-preparation and non-submission of the balance-sheet, annual profit and loss accounts has resulted any loss to the company. Mr. K.K. Mandal, learned standing counsel for the Central Government appearing for the Registrar of Companies very fairly pointed out that the petitioners has merely been informed by the Registrar of Companies to submit .....

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