PUNEET JAIN Vs. SEBI & ANR.

JUDGEMENT

(1.) This is a petition filed under Section 482 Cr.P.C. for quashing of complaint bearing C.C. No.12/2009 under Sections 24(1) and 27 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'Act').

(2.) Briefly stated, the facts of the case are that the allegations made by the respondents in the complaint are that the petitioner was a Director of a company which had committed an offence under Sections 24(1) and 27 of the Act. The complaint pertains to non-compliance of furnishing of information of the transactions of the company dealing in plantation bonds and other valuable securities.

(3.) The ground for quashing of the complaint, which has been set up by the petitioner, is that he had been appointed as a Director of the company in question in the year 1997, but he has ceased to be the Director w.e.f. 9.9.1998. It has been stated that the petitioner had tendered the resignation from the Directorship, which was accepted by the Registrar of Companies w.e.f. 9.9.1998 and accordingly he could not be made vicariously liable for the offence.