Freezing of assets: Tribunal may bar or condition transfers during company investigations to protect stakeholders. The Tribunal may prohibit or condition the removal, transfer or disposal of a company's funds, assets or properties during an inquiry or investigation, where such dealings are likely to prejudice company, shareholder or creditor interests or the public interest, by issuing orders for a specified period not exceeding the statutory limit. Contravention of such an order attracts prescribed penal consequences: mandatory and maximum fines on the company, and criminal penalties and fines, or both, for officers in default.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Freezing of assets: Tribunal may bar or condition transfers during company investigations to protect stakeholders.
The Tribunal may prohibit or condition the removal, transfer or disposal of a company's funds, assets or properties during an inquiry or investigation, where such dealings are likely to prejudice company, shareholder or creditor interests or the public interest, by issuing orders for a specified period not exceeding the statutory limit. Contravention of such an order attracts prescribed penal consequences: mandatory and maximum fines on the company, and criminal penalties and fines, or both, for officers in default.
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