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of <h1>Clause 342: Prosecution of Delinquent Officers in Company Winding Up, Penalties for Non-Compliance Range from 25K to 1L.</h1> Clause 342 of the Companies Bill, 2011 addresses the prosecution of delinquent officers and members during company winding up. If the Tribunal identifies any company officer or member guilty of an offense, it can direct the liquidator to prosecute or refer the case to the Registrar. In voluntary winding up, the liquidator must report offenses to the Registrar, who may seek further inquiry or initiate prosecution with Central Government approval. The accused must be given a chance to respond before any report is made. Failure to assist in prosecutions results in fines ranging from twenty-five thousand to one lakh rupees.
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