Former Director Cannot Face Fraud Charges if Complaint Failed to Establish His Involvement: Karnataka HC

Moodbidri Nagavarma Gunasheela Vs Registrar of Companies (Karnataka High Court) The Karnataka High Court allowed both the criminal petition and writ petition filed by a Chartered Accountant, quashing the criminal proceedings initiated against him under Sections 447 and 448 of the Companies Act, 2013, as well as the Look Out Circular (LOC) issued against him. The petitioner had become a director of a company on 10.10.2011 as a temporary arrangement because the proposed directors had not yet obtained their Director Identification Numbers (DINs). He resigned on 29.02.2012 after the proposed direc...