Ashok Bhatia And Ors. vs Registrar Of Co.
1992 Latest Caselaw 395 Del

JUDGMENT

J.K. Mehra, J.

(1) By this order I will dispose of petitions Nos. C.P. 212/90, and C.P. 12/91.

(2) This is a petition filed on behalf of M/s. Ashok Bhatia, Samir Ghosh, Arup Kumar Banerji, Nirmal Kumar Ghoshal, Surakashit Kumar Mittal, Yogesh Chandra Deveshwar, Mrs. Nandita Sen, Jnanendra Nath Banerji and M/s. Sage Investment Ltd. against the Registrar of Companies, Delhi & Haryana & of the W.B. u/S. 633(2) of the Companies Act.

(3) These petitions have been filed wherein the facts are similar to those in petitions C.P. 211/90 and C.P. 13/91 titled Ashok Bhatia & Ors. vs. Registrar 1992. Raj. LR. 391 Those petitions have been allowed by a separate judgment in respect of all the Directors and the Secretary of the company and have been dismissed to the extent of the relief claimed in favor of the company. The facts are also similar to those cases. Accordingly, in these cases also I hold that petitioners 1 to 8 in C.P. 212/90 and petitioner No. 1 in C.P. 12/91 had acted honestly, reasonably having regard to all the circumstances of the case and ought fairly to be excused and I hereby relieve them from liability, on the condition that they will cooperate with the authorities in investigation prior to the initiation of the action against the company. As regards the Company, I am of the view that protection u/S. 633 of Companies Act is not available to the Company and as such this petition to that extent is dismissed.

(4) These petitions are disposed of on the above terms with liberty to the parties to seek any further directions. No order as to costs.