1981 (4) TMI 284

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..... advancing loan to Messrs. Integral Structures (India) Limited during the period from 25th June 1974 to 1st July 1974 without approval of the Central Government, the Directors of Messrs. Insov Auto Ltd., have been arraigned before the learned Metropolitan Magistrate to answer a charge under section 295(4) of the Companies Act, 1956. Against the said prosecution, the accused persons have moved this .....

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..... last advanced on 1st July 1974 and consequently, it must be held that the offence was complete on that day Even if the complainant's plea that the offence came to his knowledge in the month of April 1976 is accepted as true still then the prosecution was to be launched before April 1977, one year being the period of limitation under section. 468(2)(b) Cr. P. C. for an offence under section 29 .....

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..... irectors were asked to show cause on 6th December 1977, that is, after the period of limitation. Since the cognizance was already barred by that time, the prosecution cannot avail of such a plea to circumvent the inhibition of limitation. For the above considerations, it must be held that the instant prosecution is barred by limitation. The application accordingly succeeds and the Rule is made abs .....

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