SRIKUMAR MENON Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) This is an application under Section 633(2) of the Companies Act, 1956.

(2.) The Petitioners pray for being exonerated from the various alleged offences with which they are charged by three show-cause notices all dated, July 9, 2010, mentioned in prayer (a) of the summons for direction.

(3.) The first show-cause notice which was issued under Section 295(1)(c) of the Act related to inter-corporate deposit. The lender or depositor was BOC India Ltd. The borrower or recipient was M/s. BOC Global Support Services P. Ltd. These two companies had a common director. It was alleged that permission of the Central Government was required for making the inter-corporate deposit. Such permission was not obtained. Hence there was violation. The reply of the company which was made on August 19, 2009, to an earlier identical notice was to the effect that in the decision-making process for advancing the inter-corporate deposit, this director did not participate.