Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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A former director could not be prosecuted for alleged offences under the Companies Act, 2013 where the complaint contained only bare, generalized accusations and no specific averment linking him to the alleged fraudulent acts or false statements. The Court noted that he had resigned before the company began business operations, had not been charge-sheeted by either investigating agency on the same facts, and was named only as a former director. Mere prior association with the company was held insufficient to sustain criminal proceedings, so the special case was quashed. As the look out circular was founded on those proceedings and he was not shown as an accused in the charge-sheet, the circular also lacked basis and was quashed.
A former director could not be prosecuted for alleged offences under the Companies Act, 2013 where the complaint contained only bare, generalized accusations and no specific averment linking him to the alleged fraudulent acts or false statements. The Court noted that he had resigned before the company began business operations, had not been charge-sheeted by either investigating agency on the same facts, and was named only as a former director. Mere prior association with the company was held insufficient to sustain criminal proceedings, so the special case was quashed. As the look out circular was founded on those proceedings and he was not shown as an accused in the charge-sheet, the circular also lacked basis and was quashed.
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