Section 342 — Prosecution of delinquent officers and members of company
(1) If it appears to the Tribunal
in the course of a winding up by the Tribunal, that any person, who is or has been an officer, or any member,
of the company has been guilty of any offence in relation to the company, the Tribunal may, either on the
application of any person interested in the winding up or suo motu, direct the liquidator to prosecute the
offender or to refer the matter to the Registrar.
1* * * * *
(5) When any prosecution is instituted under this section, it shall be the duty of the liquidator and of
every person, who is or has been an officer and agent of the company to give all assistance in connection
with the prosecution which he is reasonably able to give.
Explanation.—For the purposes of this sub -section, the expression “agent”, in relation to a company,
shall include any banker or legal adviser of the company and any person employed b y the company as
auditor.
Related sections
- Section 273 — Powers of Tribunal
- Section 274 — Directions for filing statement of affairs
- Section 275 — Company Liquidators and their appointments
- Section 276 — Removal and replacement of liquidator
- Section 277 — Intimation to Company Liquidator, provisional liquidator and Registrar
- Section 278 — Effect of winding up order
- Section 279 — Stay of suits, etc., on winding up order
- Section 281 — Submission of report by Company Liquidator
- Section 282 — Directions of Tribunal on report of Company Liquidator
- Section 283 — Custody of company’s properties
- Section 284 — Promoters , directors, etc., to cooperate with Company Liquidator
- Section 285 — Settlement of list of contributories and application of assets
- Section 286 — Obligations of directors and managers
- Section 287 — Advisory committee
- Section 288 — Submission of periodical reports to Tribunal
- Section 289 — [Power of Tribunal on application for stay of winding up .] Omitted by the Insolvency and
- Section 290 — Powers and duties of Company Liquidator
- Section 291 — Provision for professional assistance to Company Liquidator
- Section 292 — Exercise and control of Company Liquidator’s powers
- Section 293 — Books to be kept by Company Liquidator
- Section 294 — Audit of Company Liquidator’s accounts
- Section 295 — Payment of debts by contributory and extent of set -off
- Section 296 — Power of Tribunal to make calls
- Section 297 — Adjustment of rights of contributories
- Section 298 — Power to order costs
- Section 299 — Power to summon persons suspected of having property of company, etc
- Section 300 — Power to order examination of promoters, directors, etc
- Section 301 — Arrest of person trying to leave India or abscond
- Section 302 — Dissolution of company by Tribunal
- Section 303 — Appeals from orders made before commencement of Act
- Section 320 — [Distribution of property of company .] Omitted by s . 255 and the Eleventh Schedule, ibid
- Section 321 — [ Arrangement when binding on company and creditors .] Omitted by the Insolvency and
- Section 322 — [Power to apply to Tribunal to have questions determined, etc.] Omitted by s. 255 and the Eleventh
- Section 324 — Debts of all descriptions to be admitted to proof
- Section 327 — Preferential payments
- Section 328 — Fraudulent preference
- Section 330 — Certain transfers to be void
- Section 331 — Liabilities and rights of certain persons fraudulently preferred
- Section 332 — Effect of floating charge
- Section 333 — Disclaimer of onerous property
- Section 335 — Certain attachments, executions, etc., in winding up by Tribunal to be void
- Section 336 — Offences by officers of companies in liquidation
- Section 337 — Penalty for frauds by officers
- Section 338 — Liability where proper accounts not kept
- Section 339 — Liability for fraudulent conduct of business
- Section 340 — Power of Tribunal to assess damages against delinquent directors, etc
- Section 341 — Liability under sections 339 and 340 to extend to partners or directors in firms or
- Section 343 — Company Liquidator to exercise certain powers subject to sanction
- Section 344 — Statement that company is in liquidation
- Section 345 — Books and papers of company to be evidence
- Section 346 — Inspection of bo oks and papers by creditors and contributories
- Section 347 — Disposal of books and papers of company
- Section 348 — Information as to pending liquidations
- Section 349 — Official Liquidator to make payments into public account of India
- Section 350 — Company Liquidator to deposit monies into scheduled bank
- Section 351 — Liquidator not to deposit monies into private banking account
- Section 352 — Company Liquidation Dividend and Undistributed Assets Account
- Section 353 — Liquidator to make returns, etc
- Section 354 — Meetings to ascertain wishes of creditors or contributories
- Section 355 — Court, tribunal or person, etc., before whom affidavit may be sworn
- Section 356 — Powers of Tribunal to declare dissolution of company void
- Section 358 — Exclusion of certain time in computing period of limitation
- Section 359 — Appointment of Official Liquidator
- Section 360 — Powers and functions of Official Liquidator
- Section 361 — Summary procedure for liquidation
- Section 362 — Sale of assets and recovery of debts due to company
- Section 363 — Settlement of claims of creditors by Official Liquidator
- Section 364 — Appeal by creditor
- Section 365 — Order of dissolution of company