https://www.taxtmi.com/caselaws?id=213562 Section 633(2) of the Companies Act, 1956 may afford relief where proposed prosecution is already time-barred under the criminal limitation provisions, and the filing of the exoneration application does not by itself suspend limitation under section 470(2) of the Code of Criminal Procedure, 1973. On the facts, the alleged offences related to earlier financial years and cognizance was held to be barred by limitation. The Court also found that the accounts, disclosures, and replies were prepared on professional advice and that the materials did not show failure to take reasonable steps or the requisite negligent, reckless, or intentional conduct. Relief was therefore granted and the petitioners were excused from the alleged offences. en-us Tue, 05 Apr 2011 00:00:00 +0530 Thu, 07 Feb 2013 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213562 Section 633(2) of the Companies Act, 1956 may afford relief where proposed prosecution is already time-barred under the criminal limitation provisions, and the filing of the exoneration application does not by itself suspend limitation under section 470(2) of the Code of Criminal Procedure, 1973. On the facts, the alleged offences related to earlier financial years and cognizance was held to be barred by limitation. The Court also found that the accounts, disclosures, and replies were prepared on professional advice and that the materials did not show failure to take reasonable steps or the requisite negligent, reckless, or intentional conduct. Relief was therefore granted and the petitioners were excused from the alleged offences. Case-Laws Companies Law Tue, 05 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213562