Penalties for unlawful deposit acceptance: heavy corporate fines and custodial penalties for defaulting officers under new corporate law. A new penal section establishes that companies accepting or causing acceptance of deposits contrary to prescribed conditions, or failing to repay deposits or interest within the statutory or Tribunal extended period, must pay amounts due and interest and incur substantial fines. Officers in default face criminal and monetary liability, with aggravated consequences where default is knowing or wilful with intent to deceive.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalties for unlawful deposit acceptance: heavy corporate fines and custodial penalties for defaulting officers under new corporate law.
A new penal section establishes that companies accepting or causing acceptance of deposits contrary to prescribed conditions, or failing to repay deposits or interest within the statutory or Tribunal extended period, must pay amounts due and interest and incur substantial fines. Officers in default face criminal and monetary liability, with aggravated consequences where default is knowing or wilful with intent to deceive.
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