2011 (1) TMI 1201

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 6 - failed to file Statement of Affairs without reasonable excuse, complaint was moved by the Official Liquidator – Held that:-It is patent that if there is reasonable excuse, a person may not be held guilty under section 454(5) of the Act.
ADARSH KUMAR GOEL AND SATISH KUMAR MITTAL, JJ. Vikas Mohan Gupta for the Appellant. Neeraj Khanna and Ms. Kiran Bhardwaj for the Respondent. ORDER Adarsh .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... appeal is that the appellant was only the nominee Director nominated by the Punjab State Industrial Development Corporation, the creditor of the Company. Under the agreement to advance loan, there was a provision for nominating a Director by the Financial Corporation and in terms thereof, the appellant was nominated vide order dated 4-5-1993, Annexure A-1. Section 41A of the State Financial Corpo .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... [2005] 126 Comp. Cas. 222 to the effect that a nominee Director may not be conversant with records or affairs of a company. In the application, Annexure A-3, the appellant specifically stated in para 2 that as nominee Director, he was not involved in the day to day affairs of the company and was not in possession of any assets, books of account or document. He also did not receive any notice from .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X