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FIR lodged against India company by economic offence wing


09-May-2023 (In Corporate Law)
FIR has been lodged against an Indian company for exporting Composite cylinder which were modified without approval from PESO.The complaint was lodged by a company abroad with EOW. Now what will be the further course of action after FIR will the company have to pay compensation or it may lead to cancellation of license? N what will be the time frame involved in settlement of this case?
Answers (3)

Answer #1
855 votes
Revocation of licence does not fall under purview of EOW.DGFT and Ministry of commerce can initiate action if the complaint is found true.
As far as EOW is concerned ,the FIR would contain sections under which your Company and it's officials are likely to be charged .The investigation and trial will follow
Answer #2
570 votes
As the FIR is registered the accused person can be arrested in not yet. If not arrested they will have to apply for anticipatory bail before court of Sessions of high court and there they can settle it. It will take one month to complete the formality
Answer #3
847 votes
In case of Criminal proceedings initiated against you, Prosecution will have to conduct its case against the Directors who were in charge of the company at the time of commission of offense which is the usual procedure, unless the director/s proves that he was not in charge. since, the FIR is lodged you will be given a copy of Chargesheet (Final Report u/s. 173 of Cr.PC) and then the Concerned Directors will be called in for framing of charge. If the Directors refuse to admit the offense then the matter will proceed for Trial of case. However, in this case there is punishment of 2-3 years and/or fine.
However, whether to cancel the License granted to your company cannot be decided in this criminal proceedings. It is the solely with Chief controller to decide.

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