( 1 ) CRIMINAL Revision Nos. 732-34 of 1977 are taken up together as they involve the same points of law and will accordingly be governed by this judgment. The rules in these cases are directed against criminal proceedings pending before the learned Metropolitan Magistrate for prosecution of the petitioner and others for offences under the Companies Act, viz. , under Sections 159 and 162 (1) of the said Act. The petitioner along with the other members of the family is a shareholder of the company carrying on a business in coal trade named A. Sircar Sons (Private) Ltd. of 60/20, Gouri Bari Lane, Calcutta. The petitioner is the managing director of the said company. It is the case of the petitioner that day-to-day management along with the management of the business was entrusted to his elder brother, Rajendra Nath Sarkar, one of the directors of the said company, as the petitioner had to manage another business as managing agent/contractor of a small colliery at Asansol and be was so engaged during the period 1954 to 1960. The petitioner would come to Calcutta on casual visits and then he enquired from his brothers about the functioning of the business at Calcut