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of <h1>Section 240 of Companies Act, 1956: Officers Must Preserve Documents and Assist in Investigations or Face Penalties.</h1> Section 240 of the Companies Act, 1956 mandates that officers, employees, and agents of a company or other body corporate under investigation must preserve and produce relevant documents to an inspector authorized by the Central Government. They must also assist in the investigation. Inspectors can require information from other bodies corporate, retain documents for six months, and examine individuals under oath. Failure to comply can result in imprisonment, fines, or both. The section defines 'officers' and 'agents' broadly, including past and present individuals, and outlines procedures for using examination notes as evidence.
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