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of <h1>Company deposit acceptance and repayment failures u/ss 73/76 trigger heavy fines, officer jail risk, and possible Section 447 fraud action.</h1> Contravention of the prescribed manner or conditions for acceptance or invitation of deposits under section 73 or section 76, or failure to repay deposits or interest within the specified time (including any extended time allowed by the Tribunal under section 73), attracts penal liability. The company must, in addition to repayment of the deposit and interest, pay a fine not less than one crore rupees or twice the amount of deposits accepted (whichever is lower) and up to ten crore rupees, and every officer in default is punishable with imprisonment up to seven years and fine of at least twenty-five lakh rupees up to two crore rupees; if the contravention is proved to be knowing or wilful with intent to deceive, action lies under section 447.
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