https://www.taxtmi.com/caselaws?id=106706 Non-payment of declared dividend within the 42-day statutory period was treated as protected where the default was not voluntary and arose from directions of financial institutions restricting dividend payment until loan overdues were cleared. On those facts, clause (e) of the proviso to section 207 of the Companies Act, 1956 was held to apply, barring prosecution for the omission. Continuation of the criminal proceedings was therefore regarded as an abuse of process, and the proceedings were quashed. en-us Mon, 08 Apr 2002 00:00:00 +0530 Thu, 15 Mar 2012 13:02:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106706 Non-payment of declared dividend within the 42-day statutory period was treated as protected where the default was not voluntary and arose from directions of financial institutions restricting dividend payment until loan overdues were cleared. On those facts, clause (e) of the proviso to section 207 of the Companies Act, 1956 was held to apply, barring prosecution for the omission. Continuation of the criminal proceedings was therefore regarded as an abuse of process, and the proceedings were quashed. Case-Laws Companies Law Mon, 08 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106706