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Statutory Provisions

Home Acts & Rules Bill Bills Limited Liability Partnership Bill, 2008 This

Clause 52 - Proceedings for recovery of damages or property - Limited Liability Partnership Bill, 2008

Limited Liability Partnership Bill, 2008
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Proceedings for recovery of damages or property.

52. 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 properly 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.

 
 
 
 

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