A INNASIA PILLAI Vs. PERUMAL CHETTIAR COMPLAINANT

JUDGEMENT

(1.) This is a criminal revision case illustrating the very abuse pointed out by the High Court in their Circular Order dated 10-1-1931. It was pointed out by this Court

(2.) The facts of this case are as follows: In Trichinopoly, there was a firm run under the style and name of the Tiruchirapalli Merchants Chit and Investment Co. Ltd. It seems to have been established in 1946. The Memorandum and Articles of Association of the above company started with 19 shareholders wish 255 shares of Rs. 100 each, fully paid. On these 19 shareholder two have been declared insolvents subsequently and one has gone ;to Malaya. The remaining 16 are accused Nos. l to 4, the complainant and witnesses 1 to 11 in the complaint petition, The complaint, namely, the respondent before me, and two there, are stated to have filed a petition before the High Court, Madras, O. P. No. 357 of 1949 for the winding up of the company abovenamed and as per orders of the High Court in the above petition dated 2-1-1951 accused 1 to 4 and witness No. 1 in the complaint petition who were said to be the five directors elected on 23-9-1950 took possession of the articles of the company together with books and accounts from the Official Receiver, Tiruchirapalli and were said to have been managing the affairs of the company from 13-1-1931 uptodate.

(3.) It is in those circumstances that this complaint has been filed and this complaint sets 3 the various acts of misfeasance and malfease of the accused and proceeds to set out the gravamen of the charge. The gravamen of the (sic) against these accused is that accused 1 to 4 a debt of nearly Rs. 16000 and that these acc(sic) have assigned their debt to the son of the accused for a low value of Rs. 9000 and defraud (he company to the extent of Rs. 7000. It is sta (sic) that the modus of this swindling was the prepation of false records, making false signatures (sic) faked up resolutions as if ratified by the gen(sic) body of this company.