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of <h1>Clause 38 Companies Bill: Penalties for Fictitious Applications and Personation in Securities; Section 447 Applies</h1> Clause 38 of the Companies Bill, 2011, addresses the punishment for personation in acquiring securities. It criminalizes actions such as applying for securities under a fictitious name, making multiple applications under different names, or inducing a company to allot securities to a fictitious name. Violators are subject to penalties under section 447. Companies must include these provisions in their prospectuses and application forms. Upon conviction, courts may order the disgorgement of gains and the seizure and disposal of securities, with proceeds credited to the Investor Education and Protection Fund.
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