TMI BlogOffences by officers of companies in liquidationX X X X Extracts X X X X X X X X Extracts X X X X ..... under this Act or which is subsequently ordered to be wound up by the Tribunal under this Act],- (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 any part thereof, except such part as has b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebt 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 property or affairs of the compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es 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 affairs of the compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the accused proves that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irections or instructions the directors of the company have been accustomed to act. ******************** Notes:- 1. As Amended vide Insolvency and Bankruptcy Code, 2016, ELEVENTH SCHEDULE, before it was read as, whether by the Tribunal or voluntarily, or which is subsequently ordered to be wound up by the Tribunal or which subsequently passes a resolution for voluntar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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