Offences by Companies Officers in Liquidation.

offences

Offences by Companies Officers in Liquidation.

If any person, being a present or past  or present company officer which, at the commission time of the alleged offence, is being wound up, whether by (Tribunal) or voluntarily or which is ordered subsequently to be wound up by the (Tribunal) or which passes subsequently ordered to be wound up by the Tribunal or which passes subsequently a resolution for winding up voluntary,-

 does not to the best of his knowledge and belief, truly and fully discover to all the property of liquidator, immovable and movable of the company and how and to whom and for what consideration and disposed of any part thereof when the company except such part as has been disposed of in the ordinary company business course.

Does not deliver up to the liquidator, or as he directs, all such part of the immovable and movable property of the company as is in his custody or under his control, and which he is required to deliver up by the law.

does not deliver up to the liquidator, or as he directs, all such books and company papers as are in his custody or under his control and which he is required to deliver up by the law.

does not deliver up to the liquidator, or as he directs, all such company papers and such books of the company as are in his custody or under his control and which he is required to deliver up by a law.

within the twelve months before next, the commencement of the winding up or thereafter at any time conceals any part of the company property to the  one hundred rupees value or upwards, or conceals due to any debt or from the company;

within the twelve months next before the winding up commencement or thereafter any time, fraudulently removes any part of the company property to the value of one hundred rupees or upwards.

makes any omission of the material in any statement relating to the company affairs.

knowing or believing that a false debt by any person has been proved under the winding up, fails for a period to inform the liquidator thereof of one month;

after the winding up commencement, prevents any book production or paper affecting or property related or the company affairs;

within the twelve months before the winding up commencement next or thereafter at any time, conceals, destroys, falsifies or mutilates or is privy to the destruction, concealment, falsification or mutilation of, any book or affecting paper or relating to, the property or company affairs;

within the twelve months next before the winding up commencement or thereafter any time, frequently parts with alters or makes any omission in, or is privy to parting with the fraudulent parting with, making or altering of any omission in, any book or affecting paper or to relating the property or company affairs.

after the winding up commencement or at any creditors meeting of the company within next before the twelve months the commencement of the winding up attempts to account for any part of the company property by fictitious expenses or loses;

within the twelve months next before the winding-up commencement or thereafter anytime, other fraud or by false representation, obtain on credit, for or on the company behalf, any property which the company does not subsequently pay for;

within the twelve months next before the winding up commencement or thereafter any time, by any false representation or other fraud, obtain on credit, for or on the company behalf, any property subsequently which the company does not pay for;

within the twelve months next before the winding up commencement or thereafter at any time, under the false pretence that the company is carrying with its business, obtains on credit, for or on the company behalf, any property which the company doe not pay for subsequently;

the next twelve months next before the winding up commencement or thereafter at any time, pawns, pledges or disposes of the company of any property which has been obtained on credit and has not been paid for, unless such pawning, disposing, or pledging is in the ordinary business course of the company or

is guilty of any false representation or purpose of obtaining other fraud the creditor’s consent of the company or any of them, with reference to an agreement to the company affairs or to the winding up;

he shall be punishable, in any of the offences of the case mentioned in clauses (m), (n) and (o), for a term with imprisonment that may extend to five years, or with fine, or with both, and in, any other offence case, for a term with imprisonment which may extend to two years, or with both, or with fine:

Provided that it shall be a good defence-

1, to a charge under any of the clauses (b),(c),(d),(f),(n), and (o), if the accused proves that he had no intent to defraud; and

ii, a charge under any of the clauses (a),(h),(i) and (j), if he proves that he had no intent to conceal the true state of company affairs or to defeat the law.

2. Where any person pawns, disposes or pledges in circumstances of any property which amount to an offence under the clause(o) of sub-section(1), every person who takes in pawn or pledge or otherwise receives the property, knowing it to be pawned, disposed or pledged as aforesaid in such circumstances, shall be punishable for a term with imprisonment which may extend with fine to three years, or with both. (3) For this section purposes, the expression “officer” shall include any person in respect with whose directions or instructions the company directors have been accustomed to act.

539. A penalty for books falsification.

If with intent to deceive any person or to defraud, any officer or company contributory which is being wound up.

a, destroys, alters, mutilates, secrets or falsifies, or is privy to the mutilation, destruction, falsification, alteration or secreting of, papers, any books or securities; or

b, makes, or is privy to the making of, any fraudulent or false entry in any register, account books or document belonging to the company.

he shall be punishable for a term with imprisonment that may extend to seven years, and also shall be liable to fine.

540. The penalty by Officers for fraud.

If any person, being at the time of the commission of the alleged offence a company officer which is ordered subsequently to be wound up by the (Tribunal) or which passes subsequently a resolution for voluntary winding up,-

a, has, by false pretences or any other fraud by means of induced any person to give company credit; or

b, intent to defraud the company creditors, caused or has made or caused to be made  any gift or transfer of or charge on, or has caused or connived at the levying of against any execution, the company property or

with intent to defraud company creditors, has concealed or removed any part of the company property since the date of any judgement unsatisfied or order for money payment obtained against the company or before that date within two months.

he shall be punishable for a term with imprisonment which may extend to two years and shall also be liable to fine.

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