Ca final law
S. AGGARWAL (STUDENT) (315 Points)
03 September 2012
can anyone explain sec 531 of companies act regarding fraudulent preference?
1 Replies
CA Manish
(Job)
(5264 Points)
Replied 11 September 2012
A Transaction shall deemed to be a fraudulent prefrence and consiquently invalid if all the following conditions are satisfied:-
1. The transaction relates to transfer of property, movable or immovable, delivery of goods, payment, execution or other act relating to property of the company.
2. It took place within six months before the commencement of its winding up.
3. The transfer is done voluntarly.
4. The dominant motive of such transfer was to give prefrence to a creditor over the other.
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