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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 542 of Companies Act: Personal Liability for Fraudulent Business Conduct During Company Winding Up, Penalties Include Jail or Fines.</h1> Section 542 of the Companies Act, 1956 addresses liability for fraudulent business conduct during company winding up. If fraudulent intent is detected, the Tribunal can declare individuals knowingly involved as personally liable for company debts. The Tribunal may impose charges on debts or interests held by the liable parties to enforce this liability. Those involved in fraudulent activities face penalties, including up to two years of imprisonment or a fine up to fifty thousand rupees. This provision applies even if the individuals are criminally liable for related matters.
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