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The petitioners had resigned as directors on 23.02.1998, prior to the alleged cause of action, as evidenced by the certified copy of Form-32 filed by SEBI itself before the Trial Court. Form-32 is a public document recognized as evidence regarding directorship. The respondent's subsequent letter dated 27.04.1998 mentioning the petitioners as directors cannot override Form-32. Consequently, the High Court allowed the petition and quashed the Criminal Complaint pending against the petitioners.
The petitioners had resigned as directors on 23.02.1998, prior to the alleged cause of action, as evidenced by the certified copy of Form-32 filed by SEBI itself before the Trial Court. Form-32 is a public document recognized as evidence regarding directorship. The respondent's subsequent letter dated 27.04.1998 mentioning the petitioners as directors cannot override Form-32. Consequently, the High Court allowed the petition and quashed the Criminal Complaint pending against the petitioners.
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