What is the punishment under section 447?
of the turnover of the company, whichever is lower, and does not involve public interest, any person guilty of such fraud shall be punishable with imprisonment for a term which may extend to five years or with fine which may extend to 2[fifty lakh rupees] or with both.]
What is a body corporate Companies Act?
Section 2(7) in The Companies Act, 1956. (7) ” body corporate” or” corporation’ includes a company incorporated outside India but 1 does not include- (a) a corporation sole; (b) a co- operative society registered under any law relating to co- operative societies; and.
Who can file complaint under Section 447 of Companies Act?
Sub-Section (6): The promoters, the first directors and the fiduciaries viz, the chartered accountant, the company secretary in practice or the cost accountant or the advocate, the managing director or the secretary of the company who have given such false declaration in the prescribed format shall also be liable for …
Is IPC section 447 bailable?
IPC 447 is a Bailable offence.
What is the difference between corporate and body corporate?
A body corporate is a legal entity, (it could be an association, a company, a person, a government, or an institution), identified by a particular name. Also called, corporation. A body corporate is a rather archaic name. A corporation is a legal entity that is separate and distinct from its owners.
What is difference between company and body corporate?
Actually, in the provisions of Companies Act, it is given that a Company is a Company which is registered under the said act. The term body corporate include all those companies also which were registered before formation of Companies Act 1956 i.e. the companies which were registered before 1956.
What is the punishment for cheating case in India?
Punishment for Cheating Simple cheating is punishable under Section 417 of IPC. Section 417 of IPC states that whoever is held liable for the offence of cheating shall be punished with imprisonment for a term which may extend to one year or with fine, or with both fine and imprisonment.