WHAT IF, THE COMPANY HAS NOT COMPLIED SECTION 295 AND 292A OF THE COMPANIES ACT, 1956. ?
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NOT COMPLIED
Replies (2)
if co. does nt comply wid sec 295 it will b liable to fine rs.50000, imprisonment 6 months..
director shall b liable to vacate his office (sec 283).........
Totally agree wid purvi.
IF THE COMPANY HAS NOT COMPLIED SECTION 295 AND 292A OF THE COMPANIES ACT, 1956
then every person knowingly a party to the contravention including the person who has taken the loan shall be liable to fine up to rs.50000,or imprisonment upto 6 months.. and shall be liable for repayment of loan to the co.
Further the Director shall have to vacate his office u/s. 283.
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