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Section 342: Prosecution of delinquent officers and members of company.

The Companies Act, 2013Central Act · Act 18 of 2013

(1) If it appears to the Tribunal in the course of a winding up by the Tribunal, that any person, who is or has been an officer, or any member, of the company has been guilty of any offence in relation to the company, the Tribunal may, either on the application of any person interested in the winding up or suo motu, direct the liquidator to prosecute the offender or to refer the matter to the Registrar.

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(5) When any prosecution is instituted under this section, it shall be the duty of the liquidator and of every person, who is or has been an officer and agent of the company to give all assistance in connection with the prosecution which he is reasonably able to give.

Explanation.--For the purposes of this sub-section, the expression "agent", in relation to a company, shall include any banker or legal adviser of the company and any person employed by the company as auditor.

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Where this provision sits

ActThe Companies Act, 2013
Section342
Marginal noteProsecution of delinquent officers and members of company.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • omitted, Act 31 of 2016. . Sub-sections (2), (3) and (4) omitted by Act 31 of 2016, s. 255 and the Eleventh Schedule (w.e.f. 15-11-2016).
  • omitted, Act 29 of 2020. . Sub-section (6) omitted by Act 29 of 2020, s. 48 (w.e.f. 21-12-2020).

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