MOOL CHAND GARG, J.(ORAL)

1. The present petitioner is for quashing of compalint (C.C. No.461/2002 dated 07.05.2002)). The ROC/Respondent has filed the said complaint under Section 63 & 628 of Companies Act, 1956 alleging mis-statement/wrong statement in prospectus dated 18.04.1995 (of M/s Cilson Finance & Investment Ltd.) against its directors/signatories. The prospectus was for public issue of 10,00,000 equity shares of Rs.10/- each. This has been admitted by the respondent (U/para 2 & 3) of complaint in page No.22F of petition) that the company had filed prospectus dated 18.04.1995 with the office of respondent and the prospectus was also got registered by respondent before raising public issue. Thus, the respondent was fully aware about the factum of said prospectus from very inception, i.e., 18.04.1995. However, impugned complaint was filed by the respondent on 07.05.2002, i.e., after 7 years while limitation period prescribed u/s 468(2)(c) is 3 years as maximum penalty prescribed for violation of Section 63 & 628 of Companies Act is of two years imprisonment.

2. The defence for filing delayed complaint has been given in para 6 of the complaint (page 22H of petition) that sanc

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