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Court Rules No Jurisdiction to Prosecute Petitioners for Property Sale; No Evidence of Wrongdoing Found u/s 628.
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....Validity of sale deed - sale of property by the company - Sale was approved by the Board of Director resolution - Locus of the third party - There is no jurisdiction on the part of the respondent to prosecute the petitioners and this Court is of the prima facie view that the petitioners have not committed any offence as narrated by ROC and upon perusal it is clear that the petitioners cannot be prosecuted under Section 628 of the Old Companies Act. Therefore, all the petitioners are relieved from the prosecution - HC....