Lawgist23JCContinuance of proceedings
1[23JC. Continuance of proceedings.--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 undercharged, he creates a charge on or disposes of or pasts 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 decreased is capable of meeting the liability.
Explanation.--For the purpose 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 sued 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. 157 (w.e.f. 8-3-2019).
- 23 Penalties
- 23A Penalty for failure to furnish information, return, etc
- 23B Penalty for failure by any person to enter into an agreement with clients
- 23C Penalty for failure to redress Investors grievances
- 23D Penalty for failure to segregate securities or moneys of client or clients
- 23E Penalty for failure to comply with provision of listing conditions or delisting conditions or grounds
- 23F Penalty for excess dematerialisation or delivery of unlisted securities
- 23G Penalty for failure to furnish periodical returns, etc
- 23GA Penalty for failure to conduct business in accordance with rules, etc
- 23H Penalty for contravention where no separate penalty has been provided
- 23-I Power to adjudicate
- 23J Factors to be taken into account by the adjudicating officer
- 23JA Settlement of administrative and civil proceedings
- 23JB Recovery of amounts
- 23JC Continuance of proceedings
- 23K Crediting sum realised by way of penalties to Consolidated Fund of India
- 23L Appeal to Securities Appellate Tribunal
- 23M Offences
- 23N Composition of certain offences
- 23-O Power to grant immunity
- 24 Offences by companies
- 25 Certain offences to be cognizabl
- 26 Cognizance of offences by courts
- 26A Establishment of Special Courts
- 26B Offences triable by Special Courts
- 26C . Appeal and Revision
- 26D Application of Code to proceedings before Special Court
- 26E Transitional provisions
