https://www.taxtmi.com/caselaws?id=459912 The Bombay HC quashed criminal proceedings against petitioners under Section 77A(11) of the Companies Act, 1956. The prosecution failed to demonstrate any offer or public announcement for buyback of equity shares, which was essential to complete the offence. The court held that without such public announcement, the prosecution could not proceed and continuing it would constitute abuse of court process. The Appellate Tribunal had similarly exonerated the petitioners. Criminal case proceedings before the Metropolitan Magistrate were quashed and petition was allowed. en-us Tue, 03 Mar 2015 00:00:00 +0530 Thu, 02 Jan 2025 23:38:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459912 The Bombay HC quashed criminal proceedings against petitioners under Section 77A(11) of the Companies Act, 1956. The prosecution failed to demonstrate any offer or public announcement for buyback of equity shares, which was essential to complete the offence. The court held that without such public announcement, the prosecution could not proceed and continuing it would constitute abuse of court process. The Appellate Tribunal had similarly exonerated the petitioners. Criminal case proceedings before the Metropolitan Magistrate were quashed and petition was allowed. Case-Laws Companies Law Tue, 03 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459912