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Nominee director appointed by IFCI under Section 25 of the Industrial Finance Corporation Act, 1948 is statutorily immune from criminal liability for a company's failure to comply with a Company Law Board order directing repayment of deposits under Section 58A of the Companies Act, 1956, particularly where the director had ceased to hold office before the order was passed
Anish Babu Venugopal v. State of Gujarat
(2026) TaxCorp(CL) 31107 (HC-GUJARAT)
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