What is Punishment for wrongful withholding of property? What is Punishment for improper use of “Limited” or “Private Limited”? Section 452 and 453 of Indian Companies Act 2013

Punishment for wrongful withholding of property and Punishment for improper use of “Limited” or “Private Limited” are defined under Section 452  and 453 of Indian Companies Act 2013. Provisions under these Sections are:

Section 452 of Indian Companies Act 2013 "Punishment for wrongful withholding of property"

(1) If any officer or employee of a company -

(a) wrongfully obtains possession of any property, including cash of the company; or

(b) having any such property including cash in his possession, wrongfully withholds it or knowingly applies it for the purposes other than those expressed or
directed in the articles and authorised by this Act,

 
he shall, on the complaint of the company or of any member or creditor or contributory thereof, be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.

(2) The Court trying an offence under sub-section (1) may also order such officer or employee to deliver up or refund, within a time to be fixed by it, any such property or cash wrongfully obtained or wrongfully withheld or knowingly misapplied, the benefits that have been derived from such property or cash or in default, to undergo imprisonment for a term which may extend to two years.

Section 453 of Indian Companies Act 2013 "Punishment for improper use of “Limited” or “Private Limited”

If any person or persons trade or carry on business under any name or title, of which the word “Limited” or the words “Private Limited” or any contraction or imitation thereof is or are the last word or words, that person or each of those persons shall, unless duly incorporated with limited liability, or unless duly incorporated as a private company with limited liability, as the case may be, punishable with fine which shall not be less than five hundred rupees but may extend to two thousand rupees for every day for which that name or title has been used.

What is Compounding of certain offences? What is Mediation and Conciliation Panel? Section 441 and 442 of Indian Companies Act 2013

What is Power of Central Government to appoint company prosecutors? What is appeal against acquittal? What is Compensation for accusation without reasonable cause? Section 443, 444 and 445 of Indian Companies Act 2013

What is Application of fines? What is Punishment for fraud? What is Punishment for false evidence? Section 446, 447 and 448 of Indian Companies Act 2013

What is Punishment for false evidence? What is Punishment where no specific penalty or punishment is provided? What is Punishment in case of repeated default? Section 449, 450 and 451 of Indian Companies Act 2013

What is Punishment for wrongful withholding of property? What is Punishment for improper use of “Limited” or “Private Limited”? Section 452 and 453 of Indian Companies Act 2013

What is Adjudication of penalties? What is Dormant company? Section 454 and 455 of Indian Companies Act 2013

What is Protection of action taken in good faith? What is Nondisclosure of information in certain cases? What is Delegation by Central Government of its powers and functions? Section 456, 457 and 458 of Indian Companies Act 2013

What is Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications? What is Condonation of delay in certain cases? Section 459 and 460 of Indian Companies Act 2013

 

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