Lawgist337Penalty for frauds by officers
If any person, being at the time of the commission of the alleged offence an officer of a company which is subsequently ordered to be wound up by the Tribunal 1[under this Act]--
(a) has, by false pretences or by means of any other fraud, induced any person to give credit to the company;
(b) with intent to defraud creditors of the company or any other person, has made or caused to be made any gift or transfer of, or charge on, or has caused or connived at the levying of any execution against, the property of the company; or
(c) with intent to defraud creditors of the company, has concealed or removed any part of the property of the company since the date of any unsatisfied judgment or order for payment of money obtained against the company or within two months before that date,
he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees.
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1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for "or which subsequently passes a resolution for voluntary winding up," (w.e.f. 15-11-2016).
- 324 Debts of all descriptions to be admitted to proo
- 325 Application of insolvency rules in winding up of insolvent companies
- 326 Overriding preferential payments
- 327 Preferential payments
- 328 Fraudulent preferenc
- 329 Transfers not in good faith to be voi
- 330 Certain transfers to be void
- 331 Liabilities and rights of certain persons fraudulently preferred
- 332 Effect of floating charge
- 333 Disclaimer of onerous property
- 334 Transfers, etc., after commencement of winding up to be void
- 335 Certain attachments, executions, etc., in winding up by Tribunal to be voi
- 336 Offences by officers of companies in liquidation
- 337 Penalty for frauds by officers
- 338 Liability where proper accounts not kep
- 339 Liability for fraudulent conduct of busines
- 340 Power of Tribunal to assess damages against delinquent directors, et
- 341 Liability under sections 339 and 340 to extend to partners or directors in firms or companie
- 342 Prosecution of delinquent officers and members of company
- 343 Company Liquidator to exercise certain powers subject to sanction
- 344 Statement that company is in liquidation
- 345 Books and papers of company to be evidence
- 346 Inspection of books and papers by creditors and contributories
- 347 Disposal of books and papers of compan
- 348 Information as to pending liquidations
- 349 Official Liquidator to make payments into public account of India
- 350 Company Liquidator to deposit monies into scheduled ban
- 351 Liquidator not to deposit monies into private banking account
- 352 Company Liquidation Dividend and Undistributed Assets Accoun
- 353 Liquidator to make returns, etc
- 354 Meetings to ascertain wishes of creditors or contributorie
- 355 Court, tribunal or person, etc., before whom affidavit may be sworn
- 356 Power of Tribunal to declare dissolution of company void
- 357 Commencement of winding up by Tribunal
- 358 Exclusion of certain time in computing period of limitation
