image

Commencement Notification CA2013 :: Miscellaneous :: Section 452 :: Punishment for wrongful withholding of property

Chapter XXIX Miscellaneous (447 – 470)

Section 452- Punishment for wrongful withholding of property

(1) If any officer or employee of a company”

(a) wrongfully obtains possession of any property, including cash of the company; or

(b) having any such property including cash in his possession, wrongfully withholds it or knowingly applies it for the purposes other than those expressed or directed in the articles and authorised by this Act,

he shall, on the complaint of the company or of any member or creditor or contributory thereof, be punishable with fine which shall be not less than one lakh rupees but which may extend to five lakh rupees.

(2) The court trying an offence under sub-section (1) may also order such officer or employee to deliver up or refund, within a time to be fixed by it, any such property or cash wrongfully obtained or wrongfully withheld or knowingly misapplied, the benefits that have been derived from such property or cash or in default, to undergo imprisonment for a term which may extend to two years.

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

3 responses to “Commencement Notification CA2013 :: Miscellaneous :: Section 452 :: Punishment for wrongful withholding of property”

  1. Hi corporatelawreporter.com webmaster, Good work!

  2. I have recently started a site, the information you offer on this web site has helped me tremendously. Thanks for all of your time & work.

  3. I truly appreciate this post. I’ve been looking all over for this! Thank goodness I found it on Bing. You have made my day! Thank you again!

Leave a Reply

Your email address will not be published. Required fields are marked *

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Recent Articles

Recent Legal updates

Recent Gst Updates