A. P. SRIVASTAVA, J.

( 1 ) THE Bist Industrial Corporation is a limited company of which the three applicants are directors. The applicants Nos. 1 and 2 are also partners in the firm Messrs, D. S. Bist and Sons, who are managing agents of the company for 15 years. The Registrar of Companies, Uttar pradesh, granted a commencement certificate to the company of the applicant on the 23rd of november, 1957. The company had been registered on the 20th of March, 1957. On the 26th of march, 1957 the applicants on behalf of the company borrowed a sum of Rs. 20,00,000/- from the Government. In the application the applicants have set out the circumstances in which the amount was borrowed before the certificate of commencement was issued and their case is that in borrowing the amount as they did, they acted honestly and reasonably. They Conceded, however, that they committed a technical breach of Section 149 of the Companies Act and were on that account liable to be prosecuted and fined under Sub-section (6) of that section. Apprehending such a prosecution they have made the present application under Section 633 of the Companies Act of 1956 praying that they may be relieved in respect of the b

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