TaxTMI 
TaxTMI 
2005 (3) TMI 480
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....nd 621 of the Companies Act, before the learned Magistrate, which reads as follows : "He was one of the promoter of the Madurai City Benefit Fund Limited (hereinafter called as a 'Company'), subscriber and also the shareholder. The revision petitioner, who was appointed as a Clerk initially, became the Branch Manager and also the Director of the said company. The appointment and other activities impli cate the petitioner for the alleged offence under section 314(2) read with section 629(A) of the Companies Act, and under section 409, I.P.C. The respondent is owning the shares of the company as per the evidence available on record, he is having transactions with the company as per rule 3 of the Articles of Association the transac tions of....
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....d upon to attend the Annual General Body Meeting. It is specifically mentioned that the said communication was without prejudice to the rights of the petitioners none of the allegations as contained in the complaint is supported by evidence on record and accordingly, the said complaint ought to have been dismissed. 4. The learned Magistrate, by order dated 10-9-2003, has dis missed the petition filed by the petitioner herein and proceeded with the complaint. 5. The learned counsel for the petitioner would contend that the respondent has no locus standi to approach this Court to maintain the complaint before the learned Magistrate in the light of the specific prohibition as contained under section 621 of the Compa nies Act. He further ....
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.... herein is entitled to protect the existence of his right as well as the General Public, as a Promoter of the Company and as a shareholder, depositor and borrower along with his wife. The learned counsel has also placed reliance upon the decision of the Apex Court, in Adalat Prasad v. Rooplal Jindal 2004 (4) CTC 608, which proceeds to the effect that such complaint can be entertained and the learned Magistrate has rightly issued the process under section 204 of the Code in the light of the aver ments made in the complaint. 8. I have considered the rival contentions of the learned counsel for both the parties. 9. From the materials available on record, it cannot be disputed that the Civil Court has passed an order in I.A. No. 676 of 20....
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....1) SCC 241 and B.S. Joshi v. State of Haryana 2003 (4) SCC 675, are mainly with regard to the power of this Court under section 482, Cr. P.C. to quash the proceedings initiated by the learned Magis trate and the scope of the learned Magistrate in entertaining a complaint against a Director or a Partner of the company or the firm respectively. The facts of the cases as referred to above are not applicable to the facts of the present case on hand. 12. Even though the learned counsel for the petitioner has placed reliance upon the judgment of the Apex Court in Registrar of Companies v. Rajshree Sugar & Chemicals Ltd. 2000 (3) CTC 251, the said decision is rendered by considering the fact that com plaint was lodged by a person, who has trans....