...that the respondent would take action against the petitioner holding him liable as “an officer in default”, and it is in these circumstances that the petitioner has filed the present petition for relief...hand, he would be liable as “an officer of the company in default.”6. Considering the rival contentions, it is an admitted position that the company has exceeded its limits of borrowings...and, perhaps, the company would be liable on this count. But the question in this petition is as to whether the petitioner, who is one of the directors, would be liable as “an officer who is in default”. Now, ...

...:“(3) If default is made in complying with the requirements of subsections (1) and (2), the company, and every officer of the company who is in default, shall be liable to the like...punishment as is provided by section 162 for a default in complying with the provisions of section 159, 160 or 161.”4. A bare perusal of the aforesaid provision makes it clear that for non-c...the company, who is in default, is liable to punishment. Section 5 of the Act defines officer who...

...reasons for quashing the complaint. One reason given is that the respondent was not an officer in default and therefore cannot be prosecuted for the offence. The appellant referred to Section 5 of the...Act which gives the meaning of “officer who is in default” and therein is included the whole-time Director. Respondent S.C Bhatia is alleged to have been holding the office of whole-time Director...an offence punishable under Section 73 of the Companies Act by the respondent. The respondent S.C Bhatia made an application under Section 482 of the Code of Criminal Procedure in the High Court which...

...pursuance of the prospectus, and, if any such money is not repaid within eight days after the company becomes liable to repay it, the company and every director of the company who is an officer in default shall...)]; and if default is made in complying with this sub-section, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to five thousand rupees...offers securities to the public, provided offers are made to more than 50 persons.… Section 73(2) says that every company and every director of the company who is an officer in default, shall...

...and present Directors of the SPIL, as officer in default under Section 5(g) of the Companies Act were liable to make refund jointly and severally along with interest...has proceeded with the assumption that in the absence of any officer being nominated as an officer in default then all the Directors were liable under Section 5(g) of the Companies...Act is extracted hereunder:- Section 5 Meaning of "officer who is in default" 5. For the purpose of any provision in this Act which enacts that an officer of the company who...

...the SEBI Act. 4. It was urged that the appellant is not an officer in default as contemplated under Section 73(2) of the Companies Act and could...repay it, the company and every director of the company who is an officer in default shall, on and from the expiry of the eighth day, be jointly and severally liable to repay that money with interest at...has not been sought from the stock exchange, in that event, the company and other directors of the company who is an officer in default shall be jointly and severally liable to repay that money...

...of the abovesaid requirements, the company and every officer of the company who is in default, shall be liable to the like punishment as is provided by section 162 of the Act. Under sub-tion (1) of section 162, if a company...the company who is in default, shall be punishable. Under sub-section (2) of section 162, it is stated that the expressions “officer” and...” includes any director of the company besides others. The term “officer who is in default” has been defined in section 5 as any officer of the company who is knowingly guilty of the default, non...

...section 92(5) r/w Section 2(60) of the Companies Act, 2013, Company and Officer in default are liable for said non-compliance. Prosecution case vide No. ST 1471/16 was filed on 08.11.2016. During...its Board, all the 8 Directors of the Company were issued with Show Cause Notice on 08.06.2016 and were arrayed as accused being Officer in default as per Section 2(60) in the Prosecution Case ST No.... 1471/16.v. The compounding Application was preferred on 12.10.2017 by the Company and Shri Binu Vancheethara Bhaskaran claiming that he is the Officer in default as per section 2(60). In...

...) Regulations, 2009 (ICDR Regulations for short). The WTM found that the appellant being a Director of the Company was an officer in default as per Section 5(g) of the Companies Act...company, he would be an officer in default. Further in the absence of a Managing Director all the Directors by a deeming fiction would be an officer in default. Since in the ins...Finance Limited (MFL for short) had come out with an offer of Cumulative Convertible Preference Shares (CCPS for short) in violation of Sections 56, 60 and 73 of the Companies Act...

...Directors of the Company and also as an officer in default in terms of Section 5 of the Companies Act. The compounding...that there was compounding and the other accused would have to face the proceedings. This is sought to be questioned in the present petition. 3. It is pointed out that an officer in default is...the compounding was only in respect of the officer in default and the opinion of the court that the proceedings would have to go on against the other accused, is apparently bad in law and erroneous...

...to quote Section 5 and Section 73(2) of the Companies Act, 1956 which reads thus:- Meaning of "officer who is in default". 5. For the purpose of any provision in this A...the company who is in default shall be liable to any punishment or penalty, whether by way of imprisonment, fine or otherwise, the expression "officer who...is not repaid within eight days after the company becomes liable to repay it, the company and every director of the company who is an officer in default shall, on and from the expiry of the eighth day...

...definition of the “Officer who is in default” as given in Section 5 of the Act.3. Where there is a Managing Director or a whole time Director or a Manager or a Secretary, the liability...every default of the provisions of Sub Section (2)(A) the Company and every Officer of the Company “who is in default” shall be punishable with fine which may extend to Rs...contravention of the provisions of Sec. 113(1) the Company and every Officer of the Company ‘who is in default’ shall be punishable with fine which may extend to Rs. 500-00 per every day during which the default co...

...committed an offence punishable under section 162(1) of the Companies Act, 1956. It was alleged that they were the ‘officers in default’ and, as such, they were liable for not filing the return as was requ...“officer in default” and in the light of the admitted fact that the petitioners were not the Principal Officers of the Company and as such were not the officers in default the very prosecution of ....5. Learned Counsel appearing for the Union of India attempted to resist the prayer by submitting that the two petitioners were fully covered by the definition of “Officer in default” and as such...

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...document in question has been filed belatedly on 05.12.2008 and as such, the offence has been made good. The ROC has also submitted that the prosecution launched against the Company and its officer in default is...prosecution filed by the ROC against the Company and its officer in default is still pending before the Special Court of Economic Offences, Patna. 4 We have considered the application...aforesaid offence on payment to the credit of the Central Government of the composition amount of 30,000/7 by the Company and 15,000l- by the Managing Director (Total 45,000/). The officer in default shall...

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...against the Company and its officer in default. is still pending before the Economic Offences Couit. Patna. for the aforesaid violation of the Act. 121- 3 At the time of hearing, Ms. Neha..., it has been stated that the prosecution filed by the ROC against the Company and its officer in default is still pending before the Special Court of Economic Offences, Patna. 4. We...(Total t 52,000/-). The officer in default shall pay the compounding fee from his personal source. 5. Pursuant to the order of this Bench mentioned herein above, the applicants have...

...document in question has been filed belatedly on 25.06.7007 and as such, the offence has been made good, The ROC has also submitted that the prosecution launched against the Company and its officer in default, is...prosecution filed by the ROC against the Company and its officer in default is still pending before the Special Court of Economic Offences, Patna. 4. We have considered the application...aforesaid offence on payment to the credit of the Central Government of the composition amount of t 25,000/- by the Company and ? 15,000/- by the Managing Director (Total t 40,000/-). The officer in default shall...

...the Company and its officer in default, is still pending before the Economic Offences Court, Patna, for the aforesaid violation of the Act. ~12:- 3. At the time of hearing, Ms. Neha.... Further, it has been stated that the prosecution filed by the ROC against the Company and its officer in default is still pending before the SpeCial Court of Economic Offences, Patna. 4...(Total ? 60,000/-). The officer in default shall pay the compounding fee from his personal source. 5. Pursuant to the order of this Bench mentioned herein above, the applicants have...

....2. Sec. 233-B(11) of the Companies Act provides that if default is made in complying with the provisions of this section the company shall be liable to be punished and every officer of...the company who is in default, shall be liable to be punished. Sec. 2 Cl. 30 of the Companies Act defines ‘officer’ which includes any director etc. Sec. 2 Cl. 31 says that...the officer who is in default in relation to any provision referred to in sec. 5 has the meaning specified in that section. Sec. 5 defines ‘officer who is in default’....