https://www.taxtmi.com/caselaws?id=102304 Companies Act remedies for alleged misconduct in issuing shares and collecting share application money do not bar criminal prosecution under the Indian Penal Code where the complaint discloses a prima facie case of cheating, criminal breach of trust, or misappropriation. The presence of statutory provisions on prospectus, separate bank accounts, refund, and penalties does not confer immunity from Penal Code liability if dishonest intention is alleged. In exercising section 482 powers, the High Court cannot conduct a premature merits assessment or a parallel trial on investigation materials; it must confine itself to whether the allegations disclose the necessary mens rea and a prima facie criminal case. en-us Sun, 28 Mar 1993 00:00:00 +0530 Thu, 12 Sep 2013 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102304 Companies Act remedies for alleged misconduct in issuing shares and collecting share application money do not bar criminal prosecution under the Indian Penal Code where the complaint discloses a prima facie case of cheating, criminal breach of trust, or misappropriation. The presence of statutory provisions on prospectus, separate bank accounts, refund, and penalties does not confer immunity from Penal Code liability if dishonest intention is alleged. In exercising section 482 powers, the High Court cannot conduct a premature merits assessment or a parallel trial on investigation materials; it must confine itself to whether the allegations disclose the necessary mens rea and a prima facie criminal case. Case-Laws Companies Law Sun, 28 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102304