Limitation for Companies Act complaints runs from receipt of complete facts, not the first grievance or inspector's knowledge.

For offences under the Companies Act, limitation runs from the date when the complainant or person aggrieved receives complete and material facts showing the offence, not from the original grievance or the knowledge of an inspecting officer. On the facts, the complaint over alleged non-transfer of shares was filed soon after the necessary documents and incriminating material were obtained through inquiry, so it was not time-barred. No separate delay requiring condonation was made out, and the refusal to entertain the complaint was set aside.

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Issues: Whether the delay in filing the complaint was liable to be condoned and whether the complaint was barred by limitation.

Analysis: The complaint arose from alleged non-transfer of shares and the question was when limitation began to run. The relevant date was not the earliest complaint by the shareholder or the initial reference made to the petitioner, but the date on which the petitioner, as the complainant and a person competent to prosecute, obtained complete facts and incriminating material through the inquiry process. The record showed repeated efforts to trace the respondents and to secure the necessary documents, and the complaint was filed soon after the complete material was received.

Conclusion: The complaint was not time-barred, no delay requiring condonation was made out, and the orders refusing to entertain the complaint were set aside in favour of the petitioner.

Ratio Decidendi: For offences under the Companies Act, limitation runs from the date when the offence comes to the knowledge of the complainant or person aggrieved on receipt of complete and material facts, and not merely from the date of the original grievance or the knowledge of an inspecting officer.

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