https://www.taxtmi.com/caselaws?id=790772 A former director who had resigned before the company began commercial operations could not be proceeded against for offences under Sections 447 and 448 of the Companies Act, 2013 on the basis of a bare, generalized complaint. The court noted that he was only a temporary first director, the complaint lacked specific allegations linking him to the alleged fraud during the relevant period, and earlier investigations had not found incriminating material against him. On that basis, the criminal proceedings were quashed. As the look out circular had no independent basis once the underlying prosecution was set aside, it was also quashed. en-us Sat, 25 Apr 2026 00:00:00 +0530 Thu, 30 Apr 2026 07:19:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790772 A former director who had resigned before the company began commercial operations could not be proceeded against for offences under Sections 447 and 448 of the Companies Act, 2013 on the basis of a bare, generalized complaint. The court noted that he was only a temporary first director, the complaint lacked specific allegations linking him to the alleged fraud during the relevant period, and earlier investigations had not found incriminating material against him. On that basis, the criminal proceedings were quashed. As the look out circular had no independent basis once the underlying prosecution was set aside, it was also quashed. Case-Laws Companies Law Sat, 25 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790772