https://www.taxtmi.com/caselaws?id=108595 The court found the managing director and directors of M/s St. Mary's Finance Limited guilty of failing to furnish the statement of affairs as required under section 454(5) of the Companies Act. Each accused was sentenced to two years of simple imprisonment and a fine of Rs. 2 lakhs, with an additional six months of simple imprisonment in default of payment of the fine. The court emphasized the deliberate and fraudulent actions of the accused, which jeopardized the interests of thousands of depositors. en-us Tue, 26 Nov 2002 00:00:00 +0530 Mon, 02 Apr 2012 18:21:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108595 The court found the managing director and directors of M/s St. Mary's Finance Limited guilty of failing to furnish the statement of affairs as required under section 454(5) of the Companies Act. Each accused was sentenced to two years of simple imprisonment and a fine of Rs. 2 lakhs, with an additional six months of simple imprisonment in default of payment of the fine. The court emphasized the deliberate and fraudulent actions of the accused, which jeopardized the interests of thousands of depositors. Case-Laws Companies Law Tue, 26 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108595