https://www.taxtmi.com/caselaws?id=99756 Renewal of matured deposits by retaining the amounts and issuing fresh deposit receipts was treated as fresh acceptance of deposits, so liability under section 58A of the Companies Act, 1956 was attracted. Because the alleged offence under section 58A(4) read with section 58A(5) was punishable with imprisonment exceeding three years and fine, the limitation bar under section 468(c) of the Code of Criminal Procedure, 1973 did not apply. A request to adjourn or postpone the quashing petition pending possible exemption under section 58A(8) was rejected, as no certainty existed that exemption would be granted. The quashing petition failed and the criminal proceedings were directed to continue and be expedited. en-us Wed, 31 Oct 1979 00:00:00 +0530 Mon, 30 Jan 2012 10:45:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99756 Renewal of matured deposits by retaining the amounts and issuing fresh deposit receipts was treated as fresh acceptance of deposits, so liability under section 58A of the Companies Act, 1956 was attracted. Because the alleged offence under section 58A(4) read with section 58A(5) was punishable with imprisonment exceeding three years and fine, the limitation bar under section 468(c) of the Code of Criminal Procedure, 1973 did not apply. A request to adjourn or postpone the quashing petition pending possible exemption under section 58A(8) was rejected, as no certainty existed that exemption would be granted. The quashing petition failed and the criminal proceedings were directed to continue and be expedited. Case-Laws Companies Law Wed, 31 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99756