SATISH BATRA Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) HEARD learned Counsel appearing for the parties on these applications filed by the appellants praying for condonation of delay in filing and refiling the appeal. For the reasons stated in these applications, delay in filing and refiling the appeal stands condoned.

(2.) THE applications stand disposed of.

(3.) THE appellant moved Company Petition No. 53 of 2007 before the learned company judge for an order excusing the appellants from any liability for the alleged default as specified in Sections 628 and 629A of the Companies Act, 1956. Before the learned company judge it was contended that as against the share application money which was received by the directors, the company as on date has allotted shares to almost all applicants. A defence was also taken that unsecured loans were in fact friendly and temporary loans based on the oral agreements and, therefore, no interest was payable thereon and the acceptance of share application money from various companies during the periods March 31, 2000 to March 31, 2005, were current account transactions and as such no specific disclosure requirement has been prescribed in Schedule VI.