Abuse of dominant position allegations against an exchange found not prima facie; regulator reliance on sectoral expertise upheld and no investigation...
Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Whether erstwhile directors can be proceeded against under Section 138 N.I. Act where CIRP and IRP appointment preceded completion of the offence: applying Section 17 IBC and precedent, once IRP is appointed and moratorium imposed the board's powers and control over bank accounts vest with the IRP, so erstwhile directors are not "in charge" and lack authority to prevent cheque dishonour; therefore criminal liability under Section 138 cannot be fastened on them. Consequence: impugned summoning order quashed and complaint dismissed. - HC
Whether erstwhile directors can be proceeded against under Section 138 N.I. Act where CIRP and IRP appointment preceded completion of the offence: applying Section 17 IBC and precedent, once IRP is appointed and moratorium imposed the board's powers and control over bank accounts vest with the IRP, so erstwhile directors are not "in charge" and lack authority to prevent cheque dishonour; therefore criminal liability under Section 138 cannot be fastened on them. Consequence: impugned summoning order quashed and complaint dismissed. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
