Criminal case filed by a shareholder against the company

Yes, he has the valid defence. Its a Ltd. Company and its share holders and got the right to demand the same.

In fact, Sections 163, 196, 301 and 372A of the Companies Act, 1956, give rights to the shareholders of the company to inspect / demand copies of the records mentioned in those respective sections. Failure to allow such inspection or to provide copies (as mentioned in these sections) is specifically made liable for penalty under these sections vide 163(5), 196(3), 301(5) and 372A(6), respectively. Therefore, the shareholder (member) is entitled to file a complaint if these provisions are not complied with by the company when such shareholder makes a demand in accordance with these provisions. This is his statutory right.

In fact, Sections 163, 196, 301 and 372A of the Companies Act, 1956, give rights to the shareholders of the company to inspect / demand copies of the records mentioned in those respective sections. Failure to allow such inspection or to provide copies (as mentioned in these sections) is specifically made liable for penalty under these sections vide 163(5), 196(3), 301(5) and 372A(6), respectively. Therefore, the shareholder (member) is entitled to file a complaint if these provisions are not complied with by the company when such shareholder makes a demand in accordance with these provisions. This is his statutory right.