TMI BlogOffences by officers of companies in liquidation.X X X X Extracts X X X X X X X X Extracts X X X X ..... tarily, or which is subsequently ordered to be wound up by the Tribunal or which subsequently passes a resolution for voluntary winding up, (a) does not, to the best of his knowledge and belief, fully and truly disclose to the Company Liquidator all the property, movable and immovable, of the company, and how and to whom and for what consideration and when the company disposed of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usand rupees or more, or conceals any debt due to or from the company; (ii) fraudulently removes any part of the property of the company to the value of one thousand rupees or more; (iii) conceals, destroys, mutilates or falsifies, or is privy to the concealment, destruction, mutilation or falsification of, any book or paper affecting or relating to, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty which the company does not subsequently pay for; or (viii) pawns, pledges or disposes of any property of the company which has been obtained on credit and has not been paid for, unless such pawning, pledging or disposing of the property is in the ordinary course of business of the company; (e) makes any material omission in any statement relating to the af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company or any of them, to an agreement with reference to the affairs of the company or to the winding up, he shall be punishable with imprisonment for a term which shall not be less than three years but which may extend to five years and with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees: Provided that it shall be a good defence if ..... X X X X Extracts X X X X X X X X Extracts X X X X
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