https://www.taxtmi.com/caselaws?id=768104 A company-law complaint challenging alleged non-disclosure and false statements in financial filings was quashed because the initiation and cognizance were not in accordance with law under the statutory scheme governing prosecution, including section 439(2) of the Companies Act, 2013. The proceedings also failed because the company, against which the core allegations were directed, was not arraigned as an accused, so the directors could not be proceeded against on automatic vicarious liability alone. The materials further did not disclose a prima facie case under sections 129 and 448 read with section 447, as the complaint lacked clear mens rea and legally sustainable material to justify issuance of process. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 08:31:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768104 A company-law complaint challenging alleged non-disclosure and false statements in financial filings was quashed because the initiation and cognizance were not in accordance with law under the statutory scheme governing prosecution, including section 439(2) of the Companies Act, 2013. The proceedings also failed because the company, against which the core allegations were directed, was not arraigned as an accused, so the directors could not be proceeded against on automatic vicarious liability alone. The materials further did not disclose a prima facie case under sections 129 and 448 read with section 447, as the complaint lacked clear mens rea and legally sustainable material to justify issuance of process. Case-Laws Companies Law Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768104