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Bombay High Court acquits ex-directors under Section 454(5) Companies Act – “While default in filing the statement of affairs constitutes a continuing offence, the prosecution failed to prove wilful default without reasonable excuse”
Court’s Decision The Bombay High Court acquitted the accused ex-directors of Geeta Marine Services Pvt. Ltd. (in liquidation) of charges under Section 454(5) of the Companies Act, 1956. The Court…









