PRADIP KUMAR KHAITAN Vs. REGISTRAR OF COMPANIES, ORISSA

JUDGEMENT

(1.) THIS application has been filed under Section 633(2) of the Companies Act, 1956. Petitioner No.1 is the Chairman of OCL India Limited (hereinafter referred to as "Company") and petitioner Nos.2 to 7 are its Directors. Petitioner No.8 is the Company Secretary of the Company and Petitioner No.9 is the whole time Director and CEO of the Company.

(2.) BEFORE consideration of the submissions of the learned counsel appearing for both the parties, it is necessary to refer to Section 633 of the Act. The said provision is quoted below :

(3.) MS . Saswata Patnaik appearing for the Registrar Companies with reference to Annexure -1 submitted that specific violation of the accounting standards have been indicated in the said letter and the petitioners have not been able to explain under what circumstances such contraventions have been made and therefore, notices have been issued by the ROC to the petitioners and in the event the ROC is of the view that the explanation submitted is not satisfactory, it is open for him to launch prosecution under the provisions of the Act.