Back
IN THE HIGH COURT OF JUDICATURE AT MADRAS
G.K.ILANTHIRAIYAN, J
Parthasarathy Srikanth – Appellant
Versus
SECURITIES AND EXCHANGE BOARD OF INDIA – Respondent
| Table of Content |
|---|
| 1. company declared but failed to pay dividends timely. (Para 2) |
| 2. arguments on limitation, notice, and director liability. (Para 3 , 4) |
| 3. continuing offence; executive director responsible. (Para 6 , 7) |
| 4. petition dismissed; proceedings upheld. (Para 8) |
ORDER
This criminal original petition has been filed challenging the proceedings initiated in CC.No.44 of 2021 on the file of the learned Principal Sessions Judge at Chennai.
2. The respondent filed complaint alleging that on 25.09.2012, the company called M/s.Zylog Systems Limited (hereinafter called as ‘the company’) had declared dividend to the tune of Rs.16,44,64,200/-. However, the company did not pay the dividend to the shareholders within the stipulated time. Therefore, the respondent issued show cause notice to the company seeking explanation as to why the dividend had not been paid as mandated under the provisions of The Securities and Exchange Board of India (hereinafter called as ‘SEBI’) Act, 1992 and the Companies Act, 1956 and 2013. On receipt of the same, the company, by its reply dated 20.02.2013, admitted that it had failed to comply with the provisions of the Companies Act related to the opening of th
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
