High Court refuses to reopen its own decision regarding eligibility of exemption u/s 58A

In the instant case, the Registrar of Companies complained to petitioners, a non-banking financial company and its officers, under section 58A of the Companies Act, 1956/ Corresponding Section 73 of the Companies Act, 2013 before the Additional Chief Metropolitan Magistrate for issuing impugned advertisement for deposits.  

The Magistrate took notice of the complaint and issued subpoenas to the defendants.The petitioners had been arrayed as accused in complaint and challenging summons issued by the Magistrate, the petitioner-company filed a petition before the Court under section 482 Cr.P.C. 

The High Court after hearing both sides, dismissed petition observing that subject matter was to be dealt with by trial Court. The Trial Court after hearing, framed charges against petitioners. The petitioners filed instant petition invoking section 482 Cr.P.C. raising the very same point. 

The High Court observed that since on very same issue it had already decided that only trial Court had to consider all facts from materials available, instant petition filed invoking very same provisions before very same Court was to be dismissed.