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Issues: Whether failure to comply with section 220(1) of the Companies Act, 1956 in filing the balance-sheet and profit and loss account is a continuing offence so as to attract section 472 of the Code of Criminal Procedure, 1973 and exclude the bar of limitation under section 468 of that Code.
Analysis: The statutory scheme treats default in filing the requisite accounts as punishable by a daily fine for every day during which the default continues. That structure indicates that the liability is not exhausted once the original due date is missed, but persists so long as the non-compliance remains unrectified. The earlier view treating such default as complete once and for all was not accepted in light of later Supreme Court authority explaining that an omission carrying continuing penal liability is a continuing offence, and that limitation runs afresh for every moment the offence continues.
Conclusion: The contravention of section 220(1) of the Companies Act, 1956 punishable under section 220(3) is a continuing offence, and section 468 of the Code of Criminal Procedure, 1973 does not bar the prosecution; the matter is governed by section 472 of that Code.
Ratio Decidendi: Where the statute imposes a daily penal liability for persistent non-compliance, the default is a continuing offence and limitation does not run from the original date of default alone.
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