439. Offences to be noncognizable
(1) Notwithstanding anything in the Code of Criminal Procedure, 1973, every
offence under this Act except the offences referred to in sub-section (6) of section 212 shall
be deemed to be non-cognizable within the meaning of the said Code.
(2) No court shall take cognizance of any offence under this Act which is alleged to
have been committed by any company or any officer thereof, except on the complaint in
writing of the Registrar, a shareholder of the company, or of a person authorised by the
Central Government in that behalf:
Provided that the court may take cognizance of offences relating to issue and transfer
of securities and non-payment of dividend, on a complaint in writing, by a person authorised
by the Securities and Exchange Board of India:
Provided further that nothing in this sub-section shall apply to a prosecution by a
company of any of its officers.
(3) Notwithstanding anything contained in the Code of Criminal Procedure, 1973,
where the complainant under sub-section (2) is the Registrar or a person authorised by the
Central Government, the presence of such officer before the Court trying the offences shall
not be necessary unless the court requires his personal attendance at the trial.
(4) The provisions of sub-section (2) shall not apply to any action taken by the
liquidator of a company in respect of any offence alleged to have been committed in respect
of any of the matters in Chapter XX or in any other provision of this Act relating to winding
up of companies.
Explanation.—The liquidator of a company shall not be deemed to be an officer of the
company within the meaning of sub-section (2).