Punishment for fraud under Companies Act
Different sections of the Act provide punishment for fraud. These are 7(5), 7(6), 8(11), 34, 36, 38(1), 46(5), 56(7), 66(10), 75, 140(5), 206(4), 213, 229, 251(1), 266(1), 339(3), 448, and others. These sections provide punishment for directors, key managerial personnel (KMP), auditors and/or officers of company. Thus, the new Act goes beyond professional liability for fraud and extends to personal liability if a company contravenes such provisions
Penalties for corporate frauds under the Companies Act
Relevant Parts of this article
Corporate Frauds and Auditors ResponsibilityFraud reporting under Companies Act – Auditors ResponsibilityPros and Cons of Sole Proprietorship ConcernAll about Import Export Code (IEC) in India12 Privileges to the Government Companies in IndiaCompliances of Annual Return under Companies Act 2013
