2008 (9) TMI 559

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....ourt') Jaipur in case No. 140/2002, whereby it acquitted the accused respondents for the offence under section 159/162 of the Companies Act, 1956. 2. Brief facts of the case are that the Assistant Registrar, Companies, Rajasthan, Jaipur filed a complaint in the Court of Special Judicial Magistrate (Economic Offence) Rajasthan, Jaipur under section 162 of the Companies Act, 1956 to the effect that according to section 166 and its sub-sections the company was required to hold its Annual General Meeting for the year 1995 by 30-9-1995 and further to submit its annual return within 60 days of the holding of the meeting in terms of provisions of section 159 of the Companies Act and its sub-sections. However, the accused-company failed to submi....

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....cused-respondents from the aforesaid offence. 7. Aggrieved with the impugned judgment of acquittal dated 19-8-2002 passed by learned trial Court, the appellant Union of India has preferred the instant appeal. 8. In this appeal, Mr. Shyam Kant Sharma appearing for Mr. K.K. Sharma, Addl. Solicitor General for Union of India submits that the learned trial Court completely misconstrued the statement recorded by the departmental representative. Neither the accused respondents nor company has submitted annual return within 9 years before the trial court, though for every year the annual return has to be submitted within 60/30 days, thus the accused respondents have committed offence punishable under section 159/162 of the Companies Act. Thu....

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.... convicted and the learned trial Court was right in acquitting the accused respondent. I have no reason to dissent from the finding of acquittal recorded by the learned appellate (sic) Court as the same appears to be reasonable and plausible in the facts and circumstances of the case. 12. It may be stated that in appeal against acquittal though powers of the High Court to reassess the evidence and to reach its own conclusions are as extensive as in an appeal against an order of conviction, yet as a rule of prudence, it should always give proper weightage and consideration to the views of the trial Judge as to the credibility of the witnesses; the presumption of innocence in favour of the accused, right of the accused to the benefit of an....