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of <h1>Section 224: Government prosecutions, winding up, and fraud disgorgement based on inspector reports u/ss 223 and 213</h1> Section 224 empowers the Central Government, on the basis of an inspector's report under section 223, to prosecute any person found criminally liable in relation to a company or other investigated entity, with a duty on officers and employees to assist. Where winding up is warranted under the Companies Act or the Insolvency and Bankruptcy Code and circumstances of section 213 exist, the Government may petition the Tribunal for winding up, seek relief under section 241, or both. The Government may also initiate proceedings, in the public interest, for recovery of damages or misapplied property, and must be indemnified for related costs. In cases of fraud, it may seek disgorgement and impose personal, unlimited liability on responsible individuals or entities.
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