TaxTMI 
TaxTMI 
1981 (4) TMI 230
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....y Applications, the petitioner, who is the Deputy Chief Officer, Pept. of Non-Banking Companies of the Reserve Bank of India, has. taken out Judge's Summons for obtaining leave under section 446 of the Companies Act, 1956, for launching prosecutions against respondents Nos. 1 to 3 in all these applications for the alleged violation of clause 4 of the Miscellaneous Non-Banking Companies (Reserve Ba....
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....hatt, AIR 1974 SC 1183, it was held that no such permission was necessary since, admittedly, the company was not joined as a party accused. So far as the present case is concerned, the company is sought to be prosecuted for the alleged violation of the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1973, under section 58C(1) of the Reserve Bank of India Act, 1934. Section 58B prov....
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....travention or default and shall be liable to be proceeded against and punished accordingly : Provided that nothing contained in this sub-section shall render any such person liable to punishment if he proves that the contravention or default was committed without his knowledge or that he had exercised all due diligence to prevent the contravention or default". On a plain reading of section 58C(1....
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.... dated October 8, 1980-M. B. Parikh v. Manekchowk & Ahmedabad Mfg. Co. Ltd. (In liquidation) [1983] 53 Comp. Cas. 515 ( Guj.) (supra ) (per B. K. Mehta J.) cannot be pressed into service on the facts and in the circumstances of the present case. A further question arose whether the company could be prosecuted under section 58C(1) since the corporal punishment of imprisonment is a mandatory part o....