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of <h1>Criminal liability for officers u/s 338 for failing to keep proper books during company winding up</h1> Section 338 of the Companies Act, 2013 imposes criminal liability on defaulting officers if, during winding up, it is shown that proper books of account were not kept for the two years immediately preceding commencement of winding up or since incorporation, whichever is shorter. Officers are punishable with imprisonment between one and three years and a fine between one lakh and three lakh rupees, unless they prove honest conduct and that the default was excusable. Books are deemed improper if they do not adequately record and explain transactions, financial position, day-to-day cash receipts and payments, stock-taking, and details of goods bought and sold and corresponding parties.
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