https://www.taxtmi.com/caselaws?id=101373 Contravention of the RBI Act by a firm remains actionable against those who were in charge of and responsible for its business at the time of the offence, because dissolution of the firm does not extinguish prior liability or bar prosecution. Sections 45S, 58B(5A) and 58C are read together to prevent evasion of liability through dissolution or reconstitution, and the statutory phrase refers to the status of the person at the time of contravention, not the continuing existence of the firm. The order directing return of seized documents was set aside, and access to the records was restored. en-us Fri, 28 Nov 1986 00:00:00 +0530 Fri, 10 Mar 2017 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101373 Contravention of the RBI Act by a firm remains actionable against those who were in charge of and responsible for its business at the time of the offence, because dissolution of the firm does not extinguish prior liability or bar prosecution. Sections 45S, 58B(5A) and 58C are read together to prevent evasion of liability through dissolution or reconstitution, and the statutory phrase refers to the status of the person at the time of contravention, not the continuing existence of the firm. The order directing return of seized documents was set aside, and access to the records was restored. Case-Laws Companies Law Fri, 28 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101373