Fraud threshold established; lower value, non public interest frauds attract limited imprisonment or a fine. Amendment inserts a fraud threshold in section 447 requiring that punishable fraud involve at least ten lakh rupees or one percent of the company's turnover, whichever is lower; where fraud is below that threshold and does not involve public interest, the offender is punishable with imprisonment up to five years, a fine as specified, or both.
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Fraud threshold established; lower value, non public interest frauds attract limited imprisonment or a fine.
Amendment inserts a fraud threshold in section 447 requiring that punishable fraud involve at least ten lakh rupees or one percent of the company's turnover, whichever is lower; where fraud is below that threshold and does not involve public interest, the offender is punishable with imprisonment up to five years, a fine as specified, or both.
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