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Issues: Whether the complaint for alleged default under section 113 of the Companies Act, 1956 was barred by limitation and liable to be quashed in exercise of inherent jurisdiction.
Analysis: The alleged default concerned delay in registering transfers of shares and debentures within the prescribed period. For offences punishable only with fine, limitation under the criminal procedure law runs for six months, but where the offence is not known to the person aggrieved, time runs from the first date of knowledge. The Registrar of Companies, acting in discharge of official duty, was not treated as the person aggrieved; the transferee was the person directly affected. On the facts, the transferee's knowledge was treated as arising when the delay occurred, so the complaint filed after about two years was beyond limitation. The Court also held that the reply to the show-cause notice was not properly considered, the factual basis of the alleged default was not verified, and continued prosecution would amount to abuse of process where the alleged breach was at best technical and trivial.
Conclusion: The complaint and summoning order were quashed as time-barred and otherwise unsustainable.
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