https://www.taxtmi.com/caselaws?id=101333 A penal provision enhancing punishment for failure to refund deposits cannot be applied retrospectively to deposits received before the amendment took effect, because Article 20(1) bars conviction for conduct that was not an offence at the time and bars increased punishment for past acts. On that basis, prosecution under section 58A of the Companies Act, 1956 could not be sustained for the earlier deposits. The text also states that, where the default was substantially cured through repayment under a court-framed scheme and the parties were willing to proceed under the earlier regulatory framework, the matter could be redirected to complaint proceedings under the Reserve Bank of India Act and dealt with leniently. en-us Fri, 11 Apr 1986 00:00:00 +0530 Thu, 09 Feb 2012 14:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101333 A penal provision enhancing punishment for failure to refund deposits cannot be applied retrospectively to deposits received before the amendment took effect, because Article 20(1) bars conviction for conduct that was not an offence at the time and bars increased punishment for past acts. On that basis, prosecution under section 58A of the Companies Act, 1956 could not be sustained for the earlier deposits. The text also states that, where the default was substantially cured through repayment under a court-framed scheme and the parties were willing to proceed under the earlier regulatory framework, the matter could be redirected to complaint proceedings under the Reserve Bank of India Act and dealt with leniently. Case-Laws Companies Law Fri, 11 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101333