Lawgist19-ICContinuance of proceedings
1 [19-IC. Continuance of proceedings.--(1) Where a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the like manner and to the same extent as the deceased:
Provided that, in case of any penalty payable under this Act, a legal representative shall be liable only in case the penalty has been imposed before the death of the deceased person.
(2) For the purposes of sub-section (1),--
(a) any proceeding for disgorgement, refund or an action for recovery before the Recovery Officer under this Act, except a proceeding for levy of penalty, initiated against the deceased before his death shall be deemed to have been initiated against the legal representative, and may be continued against the legal representative from the stage at which it stood on the date of the death of the deceased and all the provisions of this Act shall apply accordingly;
(b) any proceeding for disgorgement, refund or an action for recovery before the Recovery Officer under this Act, except a proceeding for levy of penalty, which could have been initiated against the deceased if he had survived, may be initiated against the legal representative and all the provisions of this Act shall apply accordingly.
(3) Every legal representative shall be personally liable for any sum payable by him in his capacity as legal representative if, while his liability for such sum remains undischarged, he creates a charge on or disposes of or parts with any assets of the estate of the deceased, which are in, or may come into, his possession, but such liability shall be limited to the value of the asset so charged, disposed of or parted with.
(4) The liability of a legal representative under this section shall be limited to the extent to which the estate of the deceased is capable of meeting the liability.
Explanation.--For the purposes of this section "legal representative" means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character, the person on whom the estate devolves on the death of the party so suing or sued.
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1. Ins. by Act 13 of 2018, s. 199 (w.e.f. 8-3-2019).
- 18 Power of Board to call for information and enquiry
- 19 Power of Board to give directions in certain cases
- 19A Penalty for failure to furnish information, return, etc
- 19B Penalty for failure to enter into an agreement
- 19C Penalty for failure to redress investors‟ grievances
- 19D Penalty for delay in dematerialisation or issue of certificate of securities
- 19E Penalty for failure to reconcile records
- 19F Penalty for failure to comply with directions issued by Board under section 19 of the Act
- 19FA Penalty for conduct business in a fair manner
- 19G Penalty for contravention where no separate penalty has been provided
- 19H Power to adjudicate
- 19-I Factors to be taken into account by adjudicating officer
- 19-IA Settlement of Administrative and Civil Proceeding
- 19-IB Recovery of amounts
- 19-IC Continuance of proceedings
- 19J Crediting sums realised by way of penalties to Consolidated Fund of India
