I.P. Mukerji, J. - (1.) THIS is an application under section 633(2) of the Companies Act, 1956.
(2.) THE petitioners pray for being exonerated from the various alleged offences with which they are charged by three show -cause notices all dated, 9 July, 2010 mentioned in prayer (a) of the summons for direction. The first show -cause notice which was issued under section 295(1)(c) of the Act related to inter -corporate deposit. The lender or depositor was BOC India Limited. The borrower or recipient was BOC Global Support Services Private Limited. These two companies had a common director. It was alleged that permission of the Central Government was required for making the intercorporate deposit. Such permission was not obtained. Hence there was violation. The reply of the company which was made on 19 August, 2009, to an earlier identical notice was to the effect that in the decision making process for advancing the inter -corporate deposit, this director did not participate.
(3.) THE alleged period of violation was August 2007. Conviction would result in a maximum imprisonment of six months for the offender.;