Shareholder cannot itself initiate proceedings before magistrate alleging fraud U/S 447 of Companies Act 2013

M Gopal Vs Ganga Reddy (Karnataka High Court) Shareholder cannot itself initiate proceedings before magistrate alleging fraud U/S 447 of Companies Act 2013 Karnataka High Court judgement in Criminal Petition No. 3550 /2017. Synopsis of the judgement is as follows: 1. In this judgement, the Karnataka High Court ruled that a shareholder (minority or otherwise) can’t initiate proceedings on its own for the alleged offence of fraud U/s. 447 of the Companies Act, 2013 (the Act). 2. The Bench noted that sub-section (6) of Section 212 of the Act specifically deals with offences covered U/s. 447 as ...