BHARAT NIDHI LTD Vs. REGISTRAR OF COMPANIES
HIGH COURT OF DELHI
BHARAT NIDHI LTD.
REGISTRAR OF COMPANIES
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PRADEEP NANDRAJOG, J. -
(1.) A short point arises for consideration. Whether on the allegations made in the complaint an actionable cause has been disclosed?
(2.) Complaint has been filed under Section 205-A(8) of the Companies Act 1956 as it existed in the year 1988, the year in which the complaint was filed.
(3.) Gravement of the allegation is as averred in para 3 of the complaint. The same reads as under:-
"3.Though the default of the Provisions of Section 205-A came to the notice during the course of inspection under Section 209-A by an officer of the Company Law Board, Department of Company Affairs. It was observed during the course of inspection that the company had declared dividend but did not transfer the amount of dividend to Special Dividend Account in respect of those dividends/warrants which had been posted within the stipulated time i.e. 42 days but had not been encashed due to some reason or the other. Thus by not transferring the amount pertaining to such dividends/warrants to a special account the company has committed default of the aforesaid provisions of the Act. A show cause notice for this non-compliance was issued to the company on 7.7.84 (Annexed).";
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