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TMI Blog2010 (9) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... in shares or in the firms and companies of the directors – Held that:- Registrar of Companies learnt about making of false statement after filing of balance sheet in the year 1999-2000, therefore, limitation would start only after the date of filing of balance sheet and not from the date of issuing prospectus and this plea, therefore, is not tenable. Whether the directors had resigned or not which is a question of fact which cannot be gone into by this Court and only the trial court, during trial can decide whether the directors had resigned or they continued to be the directors, petition is dismissed - CRl. M.C. NO. 4007 OF 2009 - - - Dated:- 22-9-2010 - SHIV NARAYAN DHINGRA, J. Abhay K. Das and Ms. S. Shalini for the Petitioner. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers that the petitioner would undertake business of leasing activities and shall do business of hire purchase of the properties. However, the balance sheet for the year 1999-2000 showed that 70% of the shareholders funds amounting to Rs.2.05 crore was deployed by the petitioner as advance deposits to the firms and companies pertaining to the directors and others and the leasing activities was almost NIL and not carried out by the company and if it was there it was much below the projections. The company in the year 2000-01 indulged into sale and purchase of shares of more than Rs.5 crore which was neither the object and business of the company as per public issue and the majority of valuable funds of the company have been diverted or siphon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent made in the prospectus was prima facie a false statement deliberately made knowing fully well that the funds were not going to be utilized for the purpose they were collected. I consider that the plea taken by the petitioner that the case falls under Section 406 IPC was not tenable and it was prima facie a case of deliberately making a false statement. 5. As far as limitation aspect is concerned, limitation of offences under Sections 63 and 628 of the Companies Act, 1956 starts from the date of knowledge of making a false statement. The Registrar of Companies learnt about making of false statement after filing of balancesheet in the year 1999-2000, therefore, limitation would start only after the date of filing of balance sheet and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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