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.
No comments:
Post a Comment