https://www.taxtmi.com/caselaws?id=113556 Criminal complaints over statements in a prospectus and letter of offer failed because the materials did not disclose the statutory ingredients of untrue, false, deceptive or materially false statements under the Companies Act, 1956; projections of future performance and optimism were insufficient to establish prima facie offences. The Court also held that complaints for offences punishable with up to two years' imprisonment were subject to the three-year limitation period under the Code of Criminal Procedure, running from the prospectus and offer document dates, and that later departmental awareness could not extend time where relevant corporate disclosures were already available. The proceedings were quashed on merits, and two complaints were held time-barred. en-us Fri, 04 Dec 2009 00:00:00 +0530 Tue, 21 Oct 2014 09:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113556 Criminal complaints over statements in a prospectus and letter of offer failed because the materials did not disclose the statutory ingredients of untrue, false, deceptive or materially false statements under the Companies Act, 1956; projections of future performance and optimism were insufficient to establish prima facie offences. The Court also held that complaints for offences punishable with up to two years' imprisonment were subject to the three-year limitation period under the Code of Criminal Procedure, running from the prospectus and offer document dates, and that later departmental awareness could not extend time where relevant corporate disclosures were already available. The proceedings were quashed on merits, and two complaints were held time-barred. Case-Laws Companies Law Fri, 04 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113556