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Central Government power to prosecute and pursue winding up after inspector's report; may seek disgorgement and personal liability. If an inspector's report shows criminality, the Central Government may prosecute with company officers obliged to assist. Where winding up is expedient, the Central Government may present a winding up petition or an oppression and mismanagement application. The Central Government may bring public-interest civil proceedings in the company's name to recover damages or misapplied property and is indemnified by the company for costs. If fraud has conferred undue advantage on directors or officers, the Central Government may seek Tribunal orders for disgorgement and personal liability without limitation.
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.
Central Government power to prosecute and pursue winding up after inspector's report; may seek disgorgement and personal liability.
If an inspector's report shows criminality, the Central Government may prosecute with company officers obliged to assist. Where winding up is expedient, the Central Government may present a winding up petition or an oppression and mismanagement application. The Central Government may bring public-interest civil proceedings in the company's name to recover damages or misapplied property and is indemnified by the company for costs. If fraud has conferred undue advantage on directors or officers, the Central Government may seek Tribunal orders for disgorgement and personal liability without limitation.
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