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Insertion of new section 19-IC.-Continuance of proceedings.

Clause 196 - Bills - AMENDMENTS TO THE DEPOSITORIES ACT, 1996 - FINANCE BILL, 2018 - Clause 196 - 196. Insertion of new section 19-IC. After section 19-IB of the principal Act, the following section shall be inserted, namely:- Continuance of proceedi .....

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penalty payable under this Act, a legal representative shall be liable only in case the penalty has been imposed before the death of the deceased person. (2) For the purposes of sub-section (1),- (a) any proceeding for disgorgement, refund or an act .....

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t the legal representative from the stage at which it stood on the date of the death of the deceased and all the provisions of this Act shall apply accordingly; (b) any proceeding for disgorgement, refund or an action for recovery before the Recovery .....

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3) Every legal representative shall be personally liable for any sum payable by him in his capacity as legal representative if, while his liability for such sum remains undischarged, he creates a charge on or disposes of or parts with any assets of t .....

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