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of <h1>Section 221 Companies Act: Powers to Freeze Company Assets and Penalize Unlawful Transfers Protecting Stakeholders</h1> Section 221 of the Companies Act, 2013 empowers the Tribunal, upon a reference by the Central Government, in the course of an inquiry or investigation, or on complaint by the prescribed number of members, a qualifying creditor, or any other person with reasonable grounds, to restrict removal, transfer, or disposal of a company's funds, assets, or properties. The Tribunal may prohibit such transactions for up to three years or allow them subject to conditions to protect the company, its shareholders, creditors, or public interest. Contravention attracts fines on the company and potential imprisonment and/or fines on defaulting officers.
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