1982 (10) TMI 161

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.... J. - This petition under section 633(2) of the Companies Act, 1956, is made by the three directors of M/s. Agro (Pvt) Ltd., Bangalore, a company incorporated under the Companies Act, 1956. The company also is joined as a petitioner. The petitioners have been issued show-cause notices by the Registrar of Companies in Karnataka, dated June 26, 1982, calling upon the directors of the company as to w....

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....repay the deposits in accordance with the rules before the expiry of April 1, 1975. Numerous reasons are given by the petitioners for non-compliance. It is sufficient to state the substance of the various reasons given. Due to mismanagement by one of the directors resulting in lack of funds in the company, the deposits could not be returned in accordance with the provisions referred to above. B....

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.... East India Hotels Ltd., In re [1980] 50 Comp. Cas. 381 , wherein, in identical circumstances, the court took the view, having regard to the conduct of the petitioner company therein, that any offence which had been committed by violating sub-section (3)(c) of section 58A of the Act read with rule 4 of the Companies (Acceptance of Deposits) Rules, 1975, the offence had ceased to be an offence, whe....