https://www.taxtmi.com/caselaws?id=330044 Section 12(1B) of the SEBI Act imposed an absolute bar on commencing collective investment activity after 25 January 1995 without registration, and the later Collective Investment Regulations did not dilute that prohibition. However, the complaint against the respondents could not stand on a factual basis inconsistent with that theory, since it proceeded as if they were operators of an existing scheme. Criminal liability of resigned directors under Section 27 required specific pleadings that they were in charge of and responsible for the company at the relevant time; absent that basis, liability could not be fastened for later defaults. In one matter, prosecution was also time-barred under Section 468 CrPC. The proceedings against the resigned directors were therefore unsustainable. en-us Fri, 15 Jul 2016 00:00:00 +0530 Fri, 21 Feb 2025 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330044 Section 12(1B) of the SEBI Act imposed an absolute bar on commencing collective investment activity after 25 January 1995 without registration, and the later Collective Investment Regulations did not dilute that prohibition. However, the complaint against the respondents could not stand on a factual basis inconsistent with that theory, since it proceeded as if they were operators of an existing scheme. Criminal liability of resigned directors under Section 27 required specific pleadings that they were in charge of and responsible for the company at the relevant time; absent that basis, liability could not be fastened for later defaults. In one matter, prosecution was also time-barred under Section 468 CrPC. The proceedings against the resigned directors were therefore unsustainable. Case-Laws Companies Law Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330044