COMPANIES ACT, 2013

Section 448

Punishment for false statement - Petitioner being signatory to financial statements of company - No active role of petitioner in financial mismanagement of company - Whether petition for grant of bail is to be allowed

Petitioner was arrested for offence under section 448, as the petitioner was a signatory to the Financial Statements of company for financial years 2013-14 and 2014-15 in his capacity as Company Secretary, wherein ex-promoters of the company had siphoned off funds of the company. The petitioner filed petition for grant of bail on the ground that there was no active role assigned to the petitioner in the financial mismanagement of the company. Held: The role assigned to the petitioner is that he was the Company Secretary and had signed the Financial Statements of the company for the financial years 2013-14 and 2014-15 in his capacity as the Company Secretary. He had no active role in the financial mismanagement of the company, but he was signing the Financial Statements which were duly approved by the Board of Directors. Primary accused have already been granted interim bail. The allegations pertain to years 2014-15 and 2015-16 and the petitioner neither before nor thereafter has been involved in any criminal offence. The petition for grant of bail was allowed, subject to furnishing of surety Bond.

REFERRED :

FAVOUR : In favour of petitioner

A.Y. :

SUBSCRIBE FOR FULL CONTENT