Limitation in company-law complaints turns on offence knowledge where allegations continue into later balance-sheets.

A complaint under the Companies Act was held not to be time-barred under Section 468 CrPC because the allegations were not confined to the prospectus; they also extended to later balance-sheets for the financial years ending 31 March 2000 and 31 March 2001. The relevant limitation point was the date when the alleged offence came to knowledge, and on the pleadings the complaint filed on 7 May 2002 could not be treated as barred by limitation. The petition for quashing therefore failed.

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Issues: Whether the complaint under the Companies Act was barred by limitation under Section 468 of the Code of Criminal Procedure, 1973.

Analysis: The complaint alleged misstatements not only in the prospectus but also in later balance-sheets for the financial years ending 31 March 2000 and 31 March 2001. The relevant point for limitation was the date when the alleged offence came to knowledge, and the complaint disclosed allegations extending to later periods. On those pleadings, the complaint could not be said to be time-barred when filed on 7 May 2002.

Conclusion: The complaint was not barred by limitation and the petition for quashing failed.

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