NOT COMPLIED

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.