Section 514 – The Companies Act,1956

The Companies Act, 1956

514. Corrupt inducement affecting appointment as liquidator.

Any person who gives or agrees or offers to give, to any member or creditor of a company any gratification whatever with a view to

(a)securing his own appointment or nomination as the company’s liquidator; or

(b)securing or preventing the appointment or nomination of some person other than himself, as the company’s liquidator,

shall be punishable with fine which may extend to 1[ten thousand rupees].

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1. Subs. by Act 53 of 2000, sec. 204, for “one thousand rupees” (w.e.f. 13-12-2000).

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The Companies Act, 1956

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