- (1.) This application, as a complaint, under Section 454 of the Companies Act, 1956 was filed by the Official Liquidator of M/s Asup Synthetics & Chemicals Limited, way back on 03.08.1994 against its three Directors for their prosecution, inter-alia with prayer that they be punished for committing offence under subsection (5) of Section 454 of the Companies Act, 1956, as they failed to produce the statement of affairs of the company without reasonable excuse. Notice of the application was issued to the respondents on 13.01.1995. While Shri L.L. Gupta, learned counsel, put in appearance on behalf of respondent no.1 on 06.10.1995, notice on other two respondents remained unserved. This court by order dated 26.04.1996 therefore issued bailable warrant in the sum of Rs.5000/-for securing their presence. When service thereof could not be effected, fresh bailable warrants were issued against the respondents no.2 and 3 by order of this court dated 04.10.1996 on their last known address at Surat and New Delhi, respectively. It was thereafter that bailable warrants, time and again sent to secure presence of respondents no.2 and 3 on different dates, remained unserved. In that background, when the matter came up before this court on 20.02.2004, it was directed that the matter shall proceed against the respondent no.1 alone. Meanwhile, the Official Liquidator/applicant may make efforts to collect address of the respondents no.2 and 3. No efforts have been made by the Official Liquidator for effecting service on respondents no.2 and 3. The matter is thus being decided only in respect of respondent no.1.
(2.) As this application was to be treated as complaint and tried as a summons case in accordance with the provisions of Section 454 of the Companies Act, the charges were read over to the accused- respondent no.1 before the court on 16.04.2004. He denied the charges and prayed for trial. Statement of accused-respondent no.1 was recorded before this court 20th 22nd from to of August, 2007. It was thereafter that the statement of the accused-respondent no.1 was recorded on 26.10.2007. The matter has remained pending for final arguments since then. Arguments in the matter were finally heard on 11.04.2014.
(3.) Shri G.K. Garg, learned Senior Counsel appearing for the applicant/Official Liquidator and Shri L.L. Gupta, learned counsel appearing for the accused-respondent no.1, have made their submissions.;