https://www.taxtmi.com/caselaws?id=412176 Entrustment of investigation to SFIO under Section 212 of the Companies Act bars parallel investigation by other Central or State agencies for offences under that Act, though information sharing for other laws remains permissible. Private placement debentures issued to selected subscribers were not treated as "deposits" under the TNPID Act, because there was no public solicitation and no material showing the issuer carried on the business of receiving deposits from the public; the issuer was therefore not a "financial establishment". Non-payment of interest during a tribunal-granted moratorium was not treated as a conclusive basis for penal liability on the record before the Court. The TNPID Act was held inapplicable to the debenture transaction, and the criminal proceedings were quashed. en-us Tue, 31 Aug 2021 00:00:00 +0530 Thu, 25 Nov 2021 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412176 Entrustment of investigation to SFIO under Section 212 of the Companies Act bars parallel investigation by other Central or State agencies for offences under that Act, though information sharing for other laws remains permissible. Private placement debentures issued to selected subscribers were not treated as "deposits" under the TNPID Act, because there was no public solicitation and no material showing the issuer carried on the business of receiving deposits from the public; the issuer was therefore not a "financial establishment". Non-payment of interest during a tribunal-granted moratorium was not treated as a conclusive basis for penal liability on the record before the Court. The TNPID Act was held inapplicable to the debenture transaction, and the criminal proceedings were quashed. Case-Laws Companies Law Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412176