https://www.taxtmi.com/caselaws?id=101050 Article 20 of the Constitution barred prosecution under a later and harsher penal provision for deposits received before the relevant statutory restrictions and enhanced punishment came into force. The alleged transactions occurred while the earlier RBI directions were operative, when the maximum penal consequence was imprisonment up to three years. Proceeding under section 58A of the Companies Act, 1956 would have exposed the accused to imprisonment up to five years for the same prior conduct, which amounted to an impermissible increase in punishment for an act already completed. The Madras High Court therefore held that the prosecution was hit by Article 20 and the criminal proceedings were liable to be quashed. en-us Wed, 14 Sep 1983 00:00:00 +0530 Wed, 08 Feb 2012 13:45:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101050 Article 20 of the Constitution barred prosecution under a later and harsher penal provision for deposits received before the relevant statutory restrictions and enhanced punishment came into force. The alleged transactions occurred while the earlier RBI directions were operative, when the maximum penal consequence was imprisonment up to three years. Proceeding under section 58A of the Companies Act, 1956 would have exposed the accused to imprisonment up to five years for the same prior conduct, which amounted to an impermissible increase in punishment for an act already completed. The Madras High Court therefore held that the prosecution was hit by Article 20 and the criminal proceedings were liable to be quashed. Case-Laws Companies Law Wed, 14 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101050