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of <h1>Section 337: Criminal liability for company officers committing fraud in credit, property transfers, or concealment before winding up</h1> Section 337 imposes criminal liability on any person who was an officer of a company at the time of committing certain fraudulent acts where the company is later ordered to be wound up by the Tribunal. Liability arises if the officer, by false pretences or other fraud, induced any person to extend credit to the company; or, with intent to defraud creditors or others, made or procured gifts, transfers, charges, or executions over company property; or, with intent to defraud creditors, concealed or removed company property after or shortly before an unsatisfied money judgment. Punishment is imprisonment from one to three years and a fine from one to three lakh rupees.
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