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of <h1>Appeal dismissed challenging liability for accepting deposits and issuing debentures without filing offer documents; director joined after relevant period</h1> <h3>SECURITIES AND EXCHANGE BOARD OF INDIA Versus PRANAB KUMAR ROY</h3> The SC dismissed the challenge to the HC's judgment and order upholding liability for acceptance of deposits and public issue of debentures without filing ... Challenged the judgment and order passed by the High Court - Responsibility of directors - Offences by Companies - Prohibition on acceptance of deposits from public - Public issue of debentures without filing any offer document - HELD THAT:- It is not in dispute that the Debentures in question (NC Debentures) pertain to the Financial Year 2012-2013 and the respondent herein joined the Company as Director only on 03rd July, 2013. Soon thereafter, the respondent allegedly resigned on 28th November, 2013 and the complaint/subject matter of the present petition was preferred only on 10th February, 2017. Thus, we are not inclined to interfere with the impugned judgment and order passed by the High Court in CRR No. 773/2021. Accordingly, dismissed - However, the question of law is kept open. Petitioner challenged the High Court's judgment and order dated 27.03.2023 in CRR No. 773/2021 concerning NC debentures for Financial Year 2012-2013. Material facts: the debentures relate to FY 2012-2013; the respondent joined the company as director on 03.07.2013 and allegedly resigned on 28.11.2013; the complaint was filed on 10.02.2017. The Court, noting these peculiar facts and circumstances, declined to interfere with the impugned High Court order and held: 'The Special Leave Petition is, accordingly, dismissed.' The Court expressly left the 'question of law' open for consideration. All pending applications were disposed of. The decision rests on temporal and factual considerations regarding the director's tenure relative to the transactions complained of and the timing of the complaint, rather than a definitive pronouncement on substantive law.
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