https://www.taxtmi.com/caselaws?id=104701 Failure to refund excess application money under section 73(2A) of the Companies Act, 1956 was held to be a continuing default because the company's obligation to repay persists until actual refund, with interest accruing during non-payment. As the breach remains ongoing so long as the excess amount is retained, the offence under section 73(2B) is treated as continuing in nature. Section 472 of the Code of Criminal Procedure, 1973 therefore applies, and limitation under section 468 does not bar the complaint while the default continues. en-us Wed, 29 Mar 2000 00:00:00 +0530 Thu, 01 Mar 2012 10:33:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104701 Failure to refund excess application money under section 73(2A) of the Companies Act, 1956 was held to be a continuing default because the company's obligation to repay persists until actual refund, with interest accruing during non-payment. As the breach remains ongoing so long as the excess amount is retained, the offence under section 73(2B) is treated as continuing in nature. Section 472 of the Code of Criminal Procedure, 1973 therefore applies, and limitation under section 468 does not bar the complaint while the default continues. Case-Laws Companies Law Wed, 29 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104701