What is the minimum punishment for fraud which involves public interest under the Companies Act?
Table of Contents
- 1 What is the minimum punishment for fraud which involves public interest under the Companies Act?
- 2 How many types of penalties are there in Companies Act?
- 3 What is section 1 of Companies Act 2013?
- 4 What is the maximum penalty for committing fraud?
- 5 What is the punishment for an individual or director of a company if any of the provisions of sections 139 to 146 is contravened?
- 6 What is Offence and penalty?
- 7 What is Section 8 company India?
- 8 What is Section 241 of the Companies Act 2013?
What is the minimum punishment for fraud which involves public interest under the Companies Act?
Provided that where the fraud in question involves public interest, the term of imprisonment shall not be less than three years. Provided further that where the fraud involves an amount less than ten lakh rupees or one per cent.
How many types of penalties are there in Companies Act?
Penalties After Incorporation under Companies Act, 2013 – Part II
| No | Section No and Description | Criminal Liability (Imprisonment) |
|---|---|---|
| 65) | Sec 182- Political contribution made in excess of the limits | Max: 6 months |
| 66) | Sec 184 – Failure to disclose interest held by directors in any company/contract/arrangement | Max: 1 year OR Both |
What is Section 44 of Companies Act 2013?
Nature of shares or debentures. The shares or debenture or other interest of any member in a company shall be movable property transferable in the manner provided by the articles of the company.
What is section 1 of Companies Act 2013?
The Companies Act, 2013
| Section No. | Section Name |
|---|---|
| 1 | Short title, extent,commencement and application |
| 2 | Definitions |
| 3 | Formation of company |
| 4 | Memorandum |
What is the maximum penalty for committing fraud?
10 years
the defendant’s conduct must be dishonest; his/her intention must be to make a gain; or cause a loss or the risk of a loss to another. No gain or loss needs actually to have been made. The maximum sentence is 10 years’ imprisonment.
Who is appointed to levy penalties?
Procedures, Jurisdiction and Appeal for Levy of Penalty : 23. Under the proposed “in-house” procedure, the power to impose penalty (in the form of fine) may be vested with the Registrar of Companies who is a statutory authority.
What is the punishment for an individual or director of a company if any of the provisions of sections 139 to 146 is contravened?
(1) If any of the provisions of sections 139 to 146 (both inclusive) is contravened, the company shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakh rupees and every officer of the company who is in default shall be punishable 1[**] with fine which …
What is Offence and penalty?
Any person committing an offence referred to in the Second schedule i.e. offences punishable with imprisonment or with imprisonment along with penalty may be proceeded against in the criminal Court but only with the previous approval of the Central Government or any other authority specified by the Central Government.
What is a Section 45 resolution?
The restatement of a debt on different terms and conditions, and involving at least one different party, is the creation of a fresh debt and will need to be specifically approved by the board in terms of Section 45 of the Act, even where the previous financial assistance was approved by the board.
What is Section 8 company India?
The Companies Act defines a Section 8 company as one whose objectives is to promote fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment protection, or other similar objectives.
What is Section 241 of the Companies Act 2013?
Section 241 of the Companies Act, 2013: Application to Tribunal for relief in cases of oppression, etc. (2) The Central Government, if it is of the opinion that the affairs of the company are being conducted in a manner prejudicial to public interest, it may itself apply to the Tribunal for an order under this Chapter.