SECTION 76A . PUNISHMENT FOR CONTRAVENTION OF SECTION 73 OR SECTION 76
[1][Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76 or rules made thereunder or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the Tribunal under section 73,—
(a) the company shall, in addition to the payment of the amount of deposit or part thereof and the interest due, be punishable with fine which shall not be less than [one crore rupees or twice the amount of deposit accepted by the company, whichever is lower] [2] but which may extend to ten crore rupees; and
(b) every officer of the company who is in default shall be punishable with imprisonment which may extend to [seven years and with fine][3] which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees, [***] [4] :
Provided that if it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447.]
[1] Inserted by the Companies (Amendment) Act, 2015 vide Notification No. S.O. 1440(E) dated 29th May, 2015.
[2] Substituted for the words “one crore rupees” by the Companies (Amendment) Act 2017 vide Notification No. File No. 1/1/2018-CL.I dated 9th February, 2018.
[3] Substituted for the words “seven years or with fine” by the Companies (Amendment) Act 2017 vide Notification No. File No. 1/1/2018-CL.I dated 9th February, 2018.
[4] Omitted words “or with both” by the Companies (Amendment) Act 2017 vide Notification No. File No. 1/1/2018-CL.I dated 9th February, 2018.
Hello corporatelawreporter.com administrator, You always provide great examples and real-world applications.
Thanks for the publish. My partner and i have usually observed that a lot of people are eager to lose weight simply because they wish to show up slim along with attractive. Nevertheless, they do not generally realize that there are more benefits for losing weight as well. Doctors say that over weight people suffer from a variety of disorders that can be instantly attributed to the excess weight. Fortunately that people who’re overweight in addition to suffering from various diseases are able to reduce the severity of their illnesses by way of losing weight. It’s possible to see a progressive but marked improvement with health if even a bit of a amount of weight reduction is realized.
When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is
added I get three emails with the same comment. Is there any way
you can remove people from that service? Thank you!
I’m not that much of a online reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your website to come back in the future. Cheers
What i don’t understood is actually how you are not really much more well-liked than you may be now. You are so intelligent. You realize therefore considerably relating to this subject, produced me personally consider it from numerous varied angles. Its like women and men aren’t fascinated unless it is one thing to accomplish with Lady gaga! Your own stuffs great. Always maintain it up!
You made some really good points there. I looked on the net for additional information about
the issue and found most individuals will go along with your views on this website.
Hello my family member! I wish to say that this post is amazing, nice written and come with approximately all vital infos. I?d like to peer more posts like this .
I was suggested this website through my cousin. I’m now not certain whether or not this publish is
written by way of him as no one else recognize such targeted about my trouble.
You are wonderful! Thank you!
Awesome site you have here but I was curious about if you knew of any forums that cover the same topics discussed here? I’d really like to be a part of online community where I can get opinions from other experienced people that share the same interest. If you have any suggestions, please let me know. Kudos!
I’ve been surfing on-line more than three hours
today, but I by no means discovered any fascinating article like yours.
It is lovely value enough for me. Personally, if all web owners and bloggers made good content as you did, the web will probably be
a lot more useful than ever before.
Hey there! I know this is kinda off topic however , I’d figured I’d ask. Would you be interested in exchanging links or maybe guest authoring a blog post or vice-versa? My blog discusses a lot of the same subjects as yours and I think we could greatly benefit from each other. If you’re interested feel free to shoot me an email. I look forward to hearing from you! Terrific blog by the way!
Oh my goodness! a tremendous article dude. Thanks Nevertheless I am experiencing difficulty with ur rss . Don?t know why Unable to subscribe to it. Is there anyone getting equivalent rss downside? Anyone who knows kindly respond. Thnkx