https://www.taxtmi.com/caselaws?id=212757 A prospectus statement that a company will pursue specified business objects is false if made without any intention to carry out those objects, and allegations that public funds were diverted away from the stated business disclosed a prima facie case of deliberate misstatement. The complaint was also held not barred by limitation because, for offences concerning false statements in a prospectus, time runs from discovery of the falsity, not from the date of issue where the falsity came to light only on later examination of the company's accounts. The quashing petition was therefore rejected and prosecution allowed to proceed. en-us Wed, 22 Sep 2010 00:00:00 +0530 Tue, 12 Feb 2013 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212757 A prospectus statement that a company will pursue specified business objects is false if made without any intention to carry out those objects, and allegations that public funds were diverted away from the stated business disclosed a prima facie case of deliberate misstatement. The complaint was also held not barred by limitation because, for offences concerning false statements in a prospectus, time runs from discovery of the falsity, not from the date of issue where the falsity came to light only on later examination of the company's accounts. The quashing petition was therefore rejected and prosecution allowed to proceed. Case-Laws Companies Law Wed, 22 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212757