Tuesday, January 22, 2019

2 DIRECTORS OF THE COMPANY WERE SENT TO JAIL FOR GIVING FALSE INFORMATION IN THE BALANCE SHEET.


2 DIRECTORS OF THE COMPANY WERE SENT TO JAIL FOR GIVING FALSE INFORMATION IN THE BALANCE SHEET.

DIRECTORS OF CELESTIAL BIOLABS LIMITED
The court of Eighth Additional Metropolitan Session Judge  for Economic Offences at Nampally convicted two directors of Celestial Biolabs Limited for violation of Companies Act and and sentenced them to three months jail and told them to pay RS1,000 FINE.

VIOLATION UNDER SECTION 628 OF THE COMPANIES ACT 2013

In order to avoid undue delay, court pronounced the verdict, convicting the two accused under Section 628 of the Companies Act. The balance sheets were misleading to the public.

SIGNING OF FALSE BALANCE SHEETS

The court convicted Celestial Biolabs MD Aditya Narayan Singh and director Ch Sastri Devarakonda.The allegation was that they signed the false balance sheets and submitted to Registrar of Companies.

 The court of Eighth Additional Metropolitan Session Judge for Economic Offences at Nampally convicted two directors of Celestial Biolabs Limited for violation of Companies Act and sentenced them to three months jail and told them to pay 1,000 fine.

INITIATION OF ACTION BY ROC , HYDERABAD

ROC at Hyderabad in the prosecution alleged that in 2009 balance sheet, the company mentioned that it received ?69 crore deposits and the same money is shown as investments in 2010.

OFFENCES COMMITTED BY DIRECTORS

1.    Deposits received wrongly shown as Investments.

2.    Signing of False information in the balance sheet.


 R V Seckar corporate law consultant 09848915177 rvsekar2007@gmail.com,


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