https://www.taxtmi.com/acts?id=12727 Section 371 imposes penalties for persons party to contraventions concerning company loans, guarantees or securities: punishable by a fine up to fifty thousand rupees or simple imprisonment up to six months, with a repayment proviso that bars imprisonment if the loan is repaid in full and proportionately reduces imprisonment where partially repaid. Knowingly participating persons are jointly and severally liable to the lending company for repayment or for sums paid under any guarantee or security. en-us Sat, 14 May 2011 11:53:23 +0530 Mon, 16 May 2011 14:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12727 Section 371 imposes penalties for persons party to contraventions concerning company loans, guarantees or securities: punishable by a fine up to fifty thousand rupees or simple imprisonment up to six months, with a repayment proviso that bars imprisonment if the loan is repaid in full and proportionately reduces imprisonment where partially repaid. Knowingly participating persons are jointly and severally liable to the lending company for repayment or for sums paid under any guarantee or security. Act-Rules Companies Law Sat, 14 May 2011 11:53:23 +0530 https://www.taxtmi.com/acts?id=12727