Section - 423 - Penalty for non-compliance with sections 421 and 422
Penalty for non-compliance with sections and .423. If default is made in complying with the requirements of section or , the company, and every officer of the company who is in default, shall be punishable with fine which may extend to [two thousand] rupees. For the purposes of this section, the receiver shall be deemed to be an officer of the company.
Receivers and managersFiling of accounts of receivers421. Every receiver of the property of a company who has been appointed under a power conferred by any instrument and who has taken possession, shall once in every half year while he remains in possession, and also on ceasing to act as receiver, file with the Registrar an abstract in the prescribed form of his receipts and payments during the period to which the abstract relates.
.... To read the full section download the app from Google Play store
CAclubindia
