https://www.taxtmi.com/caselaws?id=766417 Karnataka HC quashed proceedings against petitioner for alleged violations of Section 197(3), 197(9) of Companies Act and Rule 7(2) of Companies Rules, 2014. The court held that the 2019 amendment to Section 197(15), which substituted "punishable with fine" with "penalty," applies retrospectively to the original 2013 provision. Since alleged offenses occurred in 2016, the amended provision would not apply to those offenses. The court found the proceedings unmaintainable and quashed the complaint and cognizance order. en-us Fri, 07 Feb 2025 00:00:00 +0530 Tue, 25 Feb 2025 08:24:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766417 Karnataka HC quashed proceedings against petitioner for alleged violations of Section 197(3), 197(9) of Companies Act and Rule 7(2) of Companies Rules, 2014. The court held that the 2019 amendment to Section 197(15), which substituted "punishable with fine" with "penalty," applies retrospectively to the original 2013 provision. Since alleged offenses occurred in 2016, the amended provision would not apply to those offenses. The court found the proceedings unmaintainable and quashed the complaint and cognizance order. Case-Laws Companies Law Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766417