2008 (5) TMI 430

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.... the Respondent. JUDGMENT C.M. No. 554 of 2008 and C.M. No. 555 of 2008 1. Heard learned counsel appearing for the parties on these applications filed by the appellants praying for condonation of delay in filing and refiling the appeal. For the reasons stated in these applications, delay in filing and refiling the appeal stands condoned. 2. The applications stand disposed of. Co. Ap....

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.... association of the company. It was observed that the managing director or WTD was not authorised by the board resolution to receive application money for allotment of shares, but they had received application money on behalf of the company from various parties including the directors, shareholders, public and body corporates. Neither any information regarding receipt of share application money wa....

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....rosecuted under section 629A of the Act and directed the office to launch prosecution for the aforesaid violation. 4. The appellant moved Company Petition No. 53 of 2007 before the learned Company Judge for an order excusing the appellants from any liability for the alleged default as specified in sections 628 and 629A of the Companies Act, 1956. Before the learned Company Judge it was contende....

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....ll the circumstances, it will be appropriate to excuse the petitioners. 10. Merely on the basis of the bald averments made by the petitioners, it will be difficult to infer that the amounts received were temporary loans based on oral agreements and no interest was payable thereon. 11. In the totality of the facts and circumstances, it will not be appropriate to excuse the petitioners. The pe....