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Insertion of new section 23JC - Continuance of proceedings

Section 157 - Acts - AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 - FINANCE ACT, 2018 - Section 157 - Insertion of new section 23JC. 157. After section 23JB of the principal Act, the following section shall be inserted, namely:- Cont .....

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at, in case of any 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 .....

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e continued against 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 b .....

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ply accordingly. (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 wi .....

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