TaxTMI 
TaxTMI 
1986 (8) TMI 365
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.... orders were passed on March 7, 1969, by this court. The complainant was appointed the official liquidator of the company. Under section 454 (1) and (2) of the Act, the accused who are 5 in number were required to file the statement of affairs of the company. This statement is to be submitted within 21 days of the winding-up order or within such extended time not exceeding 3 months from that date as the official liquidator or the court may, for special reasons, appoint (section 454(3)). Then, under sub-section (5) of section 454 of the Act, if a person without reasonable cause or excuse makes default in complying with any of the requirements of the section, "he shall be punishable with imprisonment for a term which may extend to two years, ....
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....to section 468 of the Code of Criminal Procedure, 1973 (for short "the Code"). Mr. Bawa, learned counsel for the accused, said that the offence was complete after 21 days of the winding-up order and that the present complaint is hopelessly barred by limitation. He said that under section 468 of the Code, the period of limitation prescribed for filing such a complaint was 3 years. On the other hand, it was the contention of the complainant that the offence under section 454(5) of the Act was a continuing offence and that a fresh period of limitation would begin to run at every moment of time during which the offence continued. Reference was made to section 472 of the Code. In fact, according to Mr. Malhotra, learned counsel for the complaina....