Compounding of offences permitted against directors of liquidated companies when statutory conditions are satisfied; companies cannot be compounded. Compounding of offences under Section 621A is permissible for offences committed by directors of a company in liquidation if statutory conditions and guidelines are satisfied; Section 446 does not bar criminal proceedings or compounding against directors. However, where penal provisions apply to the company as well, compounding is not permissible against the company while Section 446 restrictions apply.