https://www.taxtmi.com/caselaws?id=100976 Failure to repay excess deposits on the prescribed date was a completed default under section 58A(3)(c) of the Companies Act, 1956, and not a continuing offence. The default became complete when the stipulated repayment period expired, and mere non-payment thereafter did not renew the offence month by month. Directors who were appointed after the default date could not be proceeded against for that offence, because liability attached only to persons who were directors when the default was committed. en-us Fri, 28 Sep 1984 00:00:00 +0530 Wed, 08 Feb 2012 11:55:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100976 Failure to repay excess deposits on the prescribed date was a completed default under section 58A(3)(c) of the Companies Act, 1956, and not a continuing offence. The default became complete when the stipulated repayment period expired, and mere non-payment thereafter did not renew the offence month by month. Directors who were appointed after the default date could not be proceeded against for that offence, because liability attached only to persons who were directors when the default was committed. Case-Laws Companies Law Fri, 28 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100976