TMI BlogLiability for fraudulent conduct of business.X X X X Extracts X X X X X X X X Extracts X X X X ..... se, the [1] [Tribunal], on the application of the Official Liquidator, or the liquidator or any creditor or contributory of the company, may, if it thinks it proper so to do, declare that any persons who were knowingly parties to the carrying on of the business in the manner aforesaid shall be personally responsible, without any limitation of liability, for all or any of the debts or other liab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on liable or any person acting on his behalf. (c) The 1[Tribunal] may, from time to time, make such further order as may be necessary for the purpose of enforcing any charge imposed under this sub-section. (d) For the purpose of this sub-section, the expression "assignee" includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation, mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tters on the ground of which the declaration is to be made. ------------------------------------ Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [2] Substituted for "five thousand rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. - - statute, statutory provisions legislation, law, ena ..... X X X X Extracts X X X X X X X X Extracts X X X X
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