9911796707
TMI Blog2012 (4) TMI 413X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010 passed by the learned Addl. Sessions Judge in Revision Petition No. 65/2010 and allow the application of the Petitioner filed under Section 468 Cr.P.C. seeking quashing of the complaint of the Respondent being barred by limitation. 2. Learned counsel for the Petitioner contends that the complaint was filed on 7th May, 2002 whereas as per Section 468 Cr.P.C. cognizance on the complaint of the Respondent could have been taken latest by 10th April, 2000 as allegedly the wrong statement was signed on 11th April, 1997. The reasons for delay given in the complaint for condonation are frivolous and deserve no merit. Reliance is placed on Rajiv Kumar v. Registrar of Companies, NCT of Delhi [2009] 92 SCL 283 (Delhi) and Dr. L.B. Singh v. Regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1.80 lacs. The Company failed to utilize the funds received from the public issue for the objects mentioned in the prospectus. The prospectus envisaged commercial operation latest by 1997-1998. The balance-sheet for the year ending 1997-1998 reveals that the company had deployed funds to the tune of Rs. 95.99 lacs as "Investment". As per the balance-sheet of the year 1998-1999 investments have been made to the tune of Rs. 70 crores in quoted shares and optionally convertible preference shares. There is unexplained credit of Rs. 56,00,06,400 in the balance-sheet as on 31st March, 1991 under the head "Capital Reserves". The unexplained capital reserves have been utilized for purchase of shares to the tune of Rs. 70,22,58,000. The proposed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etc. from the department concerned. 7. Even if one takes the case of the respondents at the highest and apply the provision of Section 473 of the Cr. P.C. to the facts of this case, then also once the respondents having come to know about the violation, i.e., on filing of the balance sheet, no where it is stated as to when the said balance sheet was filed, it is also not stated as to whether prior to 31.03.2001 any balance sheet was filed by the petitioner or not and in case such balance sheet was filed then what was the status shown in that balance sheet. It is hard to believe that the petitioner had not filed any balance sheet prior thereto though balance sheet as per the petitioners were filed on year to year basis. Moreover, it is now ..... X X X X Extracts X X X X X X X X Extracts X X X X
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