(1.) The petitioner was appointed voluntary liquidator of a company called Rural Commercial Syndicate Ltd., by a special resolution of the Company dated 2nd November 1958. Under S. 551 of the Companies Act of 1956 he had to file statements mentioned in the section with the Registrar of Companies periodically. It appears he was filing such statements regularly until he committed default in statements relating to the period 2-5-1963 to 1-11-1963 which was due to be filed with the Registrar on or before 1-1-1964. After issuing notice to him to rectify the omission, the Registrar instituted criminal prosecution against him before the First Class Magistrate, Civil Station, Bangalore.
(2.) The petitioner admitted his default and pleaded guilty, but placed certain circumstances before the Magistrate on the strength of which he prayed that he be pardoned. It also appears that the necessary statement was filed by him after the presentation of the complaint but before the Magistrate came to dispose of the same.
(3.) The Magistrate on the basis of the plea convicted the petitioner and imposed on him a fine of Rs. 434/- at the rate of Rs. 2/- for every day of the period during which the petitioner was in default.