https://www.taxtmi.com/caselaws?id=308702 A complaint alleging fraudulent declaration of dividend did not disclose the ingredients of fraud, because it lacked specific averments of deceitful conduct or material showing that the dividend resolution itself was fraudulent; the fraud allegation therefore could not sustain proceedings under the Companies Act. The complaint also failed to plead the individual role, capacity, or participation of the directors and officers, so vicarious criminal liability could not be fastened merely from their designations. As the allegations were vague, did not show a prima facie case, and reflected an abuse of process, the criminal proceedings were quashed. en-us Thu, 26 Nov 2015 00:00:00 +0530 Thu, 13 Jul 2023 21:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308702 A complaint alleging fraudulent declaration of dividend did not disclose the ingredients of fraud, because it lacked specific averments of deceitful conduct or material showing that the dividend resolution itself was fraudulent; the fraud allegation therefore could not sustain proceedings under the Companies Act. The complaint also failed to plead the individual role, capacity, or participation of the directors and officers, so vicarious criminal liability could not be fastened merely from their designations. As the allegations were vague, did not show a prima facie case, and reflected an abuse of process, the criminal proceedings were quashed. Case-Laws Indian Laws Thu, 26 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308702