WHAT IF, THE COMPANY HAS NOT COMPLIED SECTION 295 AND 292A OF THE COMPANIES ACT, 1956. ?
2 Replies
CA PuRvI M!$rA
(-)
(2260 Points)
Replied 29 May 2010
if co. does nt comply wid sec 295 it will b liable to fine rs.50000, imprisonment 6 months..
director shall b liable to vacate his office (sec 283).........
Kumar
(Article)
(922 Points)
Replied 30 May 2010
Totally agree wid purvi.
IF THE COMPANY HAS NOT COMPLIED SECTION 295 AND 292A OF THE COMPANIES ACT, 1956
then every person knowingly a party to the contravention including the person who has taken the loan shall be liable to fine up to rs.50000,or imprisonment upto 6 months.. and shall be liable for repayment of loan to the co.
Further the Director shall have to vacate his office u/s. 283.
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