Shareholder Cannot Itself Initiate Proceedings Before The Magistrate Alleging Fraud U/Sec 447 Companies Act 2013: Karnataka HC

In a significant judgement, the Karnataka High Court has 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 of 2013 (the Act). The Bench of Justice Suraj Govindaraj noted that sub-section (6) of Section 212 of the Act specifically

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