Official Liquidator for want of old records of the company, amounts to conclusive admission of the non-compliance of Section 454 and consequential penal consequences in accordance with law. It is true that the statute contemplates imposition of penalty on day-to-day basis for the period of default in furnishing the statement, besides other penal consequences, however, keeping in view the facts and circumstances of this case, namely, (i) respondents No.2 to 4 are facing these proceedings for the last 10 years; (ii) they have made an attempt to trace out the information complete in all respect; and (iii) they have candidly admitted that the left out information could not be furnished for want of old record that I am inclined to take a lenient view and dispose of the complaint by imposing a lumpsum fine of Rs.40,000/- each on respondents No.2 to 4. They shall deposit the amount of fine in the Common Pool Fund Account maintained by the office of the Official Liquidator, within two months from the date of receipt of a certified copy of this order and upon doing so, this complaint shall be deemed to have been disposed of for all intents and purposes. However, in the event of default, the Official Liquidator shall be entitled to seek its revival. (6). Disposed of. Dasti .
