Y B CHATURVEDI Vs. HOPE TEXTILE LTD

JUDGEMENT

(1.) THE petitioner, who is a director of Hope Textile Ltd. , Indore, a public limited company, respondent No. 1, has filed this petition under Section 633 (2) of the Companies Act, 1956, whereby he has prayed that he should be excused and/or relieved from any liability and/or proceedings that may be initiated against him for non-deposit of provident fund or employees' State insurance dues by respondent No. 1-company or any violation of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, or the Employees' State Insurance Act, 1948, and the rules framed thereunder.

(2.) BEFORE stating the facts, it is necessary to reproduce Section 633 of the Companies Act, 1956, which is as follows :

(3.) THE facts giving rise to this petition may be stated in brief thus. Respondent No. 1, Hope Textile Limited, Indore, is a public limited company duly incorporated under the Companies Act, 1956, having its registered office at 1, Snehlataganj, Main Road, Indore. The petitioner, who is a chartered accountant, is a nominated director of the respondent-company. But the petitioner is neither a shareholder of the said company nor has any financial interest therein as such. Further, according to the petitioner, he is a prominent chartered accountant and also director of various other companies as mentioned in the petition. Thus, he was invited to join the board of directors in his capacity as a professional chartered accountant, he having been working as a partner of M/s. Chaturvedi and Co. and residing at Calcutta.