Calcutta High Court dismissed a petition seeking to quash a SEBI criminal complaint for operating an unregistered collective investment scheme.
Petitioners failed to refund Rs. 40,000 to investors or comply with SEBI's winding-up directions, constituting a continuing offense.
The court ruled the offense was not time-barred as non-refund constituted a fresh violation each day, applying the continuing offense doctrine.
The company was dissolved in 2008, but individual directors remained liable for the scheme's operations and non-compliance.