LawgistThe Limited Liability Partnership Act
52Proceedings for recovery of damages or property
If, from any report under section 49, it appears to the Central Government that proceedings ought, in the public interest, to be brought by the limited liability partnership or any entity whose affairs have been investigated,--
(a) for the recovery of damages in respect of any fraud, misfeasance or other misconduct in connection with the promotion or formation, or the management of the affairs, of such limited liability partnership or such other entity; or
(b) for the recovery of any property of such limited liability partnership or such other entity, which has been misapplied or wrongfully retained,
the Central Government may itself bring proceedings for that purpose.
Download our fully-offline, High speed android app.- Click here
INVESTIGATION
- 43 Investigation of the affairs of limited liability partnership
- 44 Application by partners for investigation
- 45 Firm, body corporate or association not to be appointed as inspector
- 46 Power of inspectors to carry out investigation into affairs of related entities, etc
- 47 Production of documents and evidence
- 48 Seizure of documents by inspector
- 49 Inspector's report
- 50 Prosecution
- 51 Application for winding up of limited liability partnership
- 52 Proceedings for recovery of damages or property
- 53 Expenses of investigation
- 54 Inspector's report to be evidence
