https://www.taxtmi.com/caselaws?id=96867 A loan granted to a director in contravention of section 86(d) of the Companies Act was treated as an illegality, and the directors were expected to take steps to end the breach. However, the Court declined to interfere on a private complainant's instance because the transaction was old and the loan had already been repaid. On the challenge to the Magistrate's acquittal without evidence, the Court noted that the Code of Criminal Procedure does not provide for acquittal without examining witnesses, but did not finally rule on that point. No further prosecution or punishment was warranted on the facts, and the petitions were rejected. en-us Wed, 19 Nov 1941 00:00:00 +0630 Wed, 11 Jan 2012 16:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96867 A loan granted to a director in contravention of section 86(d) of the Companies Act was treated as an illegality, and the directors were expected to take steps to end the breach. However, the Court declined to interfere on a private complainant's instance because the transaction was old and the loan had already been repaid. On the challenge to the Magistrate's acquittal without evidence, the Court noted that the Code of Criminal Procedure does not provide for acquittal without examining witnesses, but did not finally rule on that point. No further prosecution or punishment was warranted on the facts, and the petitions were rejected. Case-Laws Companies Law Wed, 19 Nov 1941 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96867