Section - 342 - Prosecution of delinquent officers and members of company
Prosecution of delinquent officers and members of company.342. (1) If it appears to the Tribunal in the course of a winding up by the Tribunal, that any person, who is or has been an officer, or any member, of the company has been guilty of any offence in relation to the company, the Tribunal may, either on the application of any person interested in the winding up or suo motu, direct the liquidator to prosecute the offender or to refer the matter to the Registrar.(2), (3) and (4) [***](5) When any prosecution is instituted under this section, it shall be the duty of the liquidator and of every person, who is or has been an officer and agent of the company to give all assistance in connection with the prosecution which he is reasonably able to give.Explanation.-For the purposes of this sub-section, the expression "agent", in relation to a company, shall include any banker or legal adviser of the company and any person employed by the company as auditor.(6) [***]
13. Corresponds to section 545 of the 1956 Act.
14. Enforced with effect from 15-12-2016.
15. Omitted by the Insolvency and Bankruptcy Code, 2016, w.e.f. 15-11-2016. Prior to their omission, sub-sections (2), (3) and (4) read as under :"(2) If it appears to the Company Liquidator in the course of a voluntary winding up that any person, who is or has been an officer, or any member, of the company has been guilty of any offence in relation to the company under this Ac .... To read the full section download the app from Google Play store
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