CHENNAI: Former AIADMK MP KC Palanisamy on Wednesday was acquitted by a special court in Chennai in a case filed by the Registrar of Companies (ROC) in 2012. The special court judge observed that the former MP never held a position in the company and the case filed was a "time-barred complaint".
Palanisamy was elected from Kangeyam in 1984 as MLA and later he was elected as an MP from Thiruchengode consitutiency in 1989.
According to the prosecution, Palanisamy was the Managing Director Of the Cheran Holdings Company located in Nungambakkam during 2004-2005. In 2008, the ROC carried out an inspection at the office of Palanisamy and issued a notice after finding that the records of the company were maintained properly.
With the former MP failing to furnish the documents, the ROC in 2012 filed a case under Sec 209A (8) of Companies Act 1956.
However, the counsel for the former MP submitted that Palanisamy had resigned from the company on January 16, 2005 and did not hold any dealings. There were other directors with the companies and the former MP was never part of it, he submitted.
After hearing both the sides of the arguments, judge D Lingeshwaran observed that the entire case was a time-barred complaint and Palanisamy was never the director of the company when the entire case was filed by the ROC.
The judge accquitted the former MP from all the charges.