Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 108I – The Companies Act,1956

The Companies Act, 1956

108-I. Penalty for acquisition or transfer of share in contravention of sections 108A to 108D.

1108-I. Penalty for acquisition or transfer of share in contravention of sections 108A to 108D.(1) Any person who acquires any share in contravention of the provisions of section 108A shall be punishable with imprisonment for a term which may extend to three years, or with fine which may extend to 2[fifty thousand rupees], or with both.

(2) (a) Every body corporate which makes any transfer of shares without giving any intimation as required by section 108B, shall be punishable with fine which may extend to 2[fifty thousand rupees].

(b) Where any contravention of the provisions of section 108B has been made by a company, every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years, or with fine which may extend to 2[fifty thousand rupees], or with both.

(3) (a) Every body corporate which makes any transfer of shares in contravention of the provisions of section 108C, shall be punishable with fine which may extend to 3[fifty thousand rupees].

(b) Where any contravention of the provisions of section 108C has been made by a company, every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years, or with fine which may extend to 3[fifty thousand rupees], or with both.

(4) (a) Every person who transfers any share in contravention of any order made by the Central Government under section 108B, or gives effect to any transfer of shares made in contravention of any direction made by the Central Government under section 108D, or who exercises any voting right in respect of any share in contravention of any direction made by the Central Government under section 108D, shall be punishable with imprisonment for a term which may extend to five years and shall also be liable to fine.

(b) If any company gives effect to any voting or other rights exercised in relation to any share acquired in contravention of the provisions of section 108B, or which gives effect to any voting right in contravention of any direction made by the Central Government under section 108D, the company shall be punishable with fine which may extend to 3[fifty thousand rupees], and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years, or with fine which may extend to 2[fifty thousand rupees], or with both.]

—————————–

1. Ins. by Act 58 of 1991, sec. 28 (w.r.e.f. 27-9-1991).

2. Subs. by Act 53 of 2000, sec. 44, for “five thousand rupees” (w.e.f. 13-12-2000).

3. Subs. by Act 53 of 2000, sec. 44, for “five thousand rupees” (w.e.f. 13-12-2000).

Previous | Next

The Companies Act, 1956

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2021 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation