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K. NATARAJAN
Kavveri Telecom Products Ltd. – Appellant
Versus
Securities And Exchange Board Of India – Respondent
JUDGMENT
K. Natarajan, J. - Crl. P. No. 5646/2016 is filed by accused No. 2 and Crl. P. No. 3454/2017 is filed by accused Nos. 1 and 3 to 7 under Section 482 of Cr.P.C. for quashing the criminal proceedings in C.C. No. 116/2016 pending on the file of Special Judge, Economic Offences Court, Bengaluru.
2. Heard the arguments of learned counsel for the petitioners and learned Special counsel for the respondent.
3. The case of the petitioners is that the respondent-M/s. Securities and Exchange Board of India, Mumbai (hereinafter referred to as 'SEBI') has filed a complaint against the accused persons under Section 200 of Cr.P.C. for the offence punishable under Sections 205(8) and 207 read with Sections 55A, 205(1A) and 621 of the Companies Act, 1956 alleging that accused No. 1-Kavveri Telecom Products Limited, Bengaluru being registered under the Companies Act, the SEBI was established under the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of and to regulate the securities market as well as matters connected therewith or incidental thereto Section 11 of the Securities and Exchange Board of India Act. A
The main legal point established in the judgment is that the accused company's failure to comply with the provisions of the Companies Act, 1956 regarding the deposit and disbursement of declared divi....
Non-payment of declared dividends is continuing offence; executive directors liable without prior notice; company impleadment not mandatory.
Non-consideration of the petitioners' replies and defective show cause notice amount to non-application of mind, rendering the complaint unsustainable in law.
The main legal point established in the judgment is the interpretation and application of the pre-amended and amended provisions of Section 24 of the SEBI Act in determining the guilt and imposition ....
The nature of the offenses and the prescribed penalties determine whether the offenses are continuing or one-time, and the applicability of limitation periods. Prosecutions under the repealed 1956 Ac....
The specific averments in a complaint against a director, as a person in charge of the company's affairs, may be sufficient to make out a case against the director, and the question of liability shou....
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