M/S. Pennar Paterson Ltd vs M/S.Shikshak Sahakari Bank Ltd on 29 April, 2008
18. It is now to be considered as to whether the "other legal
proceedings" referred to in Sub Section 1 and the expression "legal
proceedings" in Sub Section 2 of Section 446 of Company Act would
include criminal proceedings initiated against the directors of the
company. The Court had observed that the "other legal proceedings" as
used in Section 446(1) do not include criminal proceedings. Reference
may be here made to Pennar Paterson Ltd. Vs. Shikshak Sahakari
Bank Ltd., (2010) 155 Com Cases 338.