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The Board disposed of proceedings against a former director regarding contraventions of Companies Act, 1956 Sections 56, 60, 73, 117B and 117C related to public issuance of secured non-convertible redeemable debentures without proper compliance. The respondent argued he was not an "officer in default" and that the Managing Director bore primary responsibility for NCD issuance violations. The Board found no evidence establishing the respondent as Managing Director, Whole Time Director, or person specifically charged with statutory compliance responsibilities. Without such findings, Section 73(2) liability for refunding collected amounts could not be imposed. Consequently, all alleged violations regarding prospectus registration, debenture trustee appointment, security creation, and redemption reserve requirements became inapplicable. The proceedings were disposed of without issuing any directions against the respondent.
The Board disposed of proceedings against a former director regarding contraventions of Companies Act, 1956 Sections 56, 60, 73, 117B and 117C related to public issuance of secured non-convertible redeemable debentures without proper compliance. The respondent argued he was not an "officer in default" and that the Managing Director bore primary responsibility for NCD issuance violations. The Board found no evidence establishing the respondent as Managing Director, Whole Time Director, or person specifically charged with statutory compliance responsibilities. Without such findings, Section 73(2) liability for refunding collected amounts could not be imposed. Consequently, all alleged violations regarding prospectus registration, debenture trustee appointment, security creation, and redemption reserve requirements became inapplicable. The proceedings were disposed of without issuing any directions against the respondent.
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