Section 76A of CA 2013 : Section 76A: Punishment For Contravention Of Section 73 Or Section 76

CA 2013

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Explanation using Example

Imagine that XYZ Private Ltd. decides to raise funds for its new project. Instead of following the legal process, it starts accepting deposits from the public without complying with the conditions of Section 73 or Section 76 of the Companies Act, 2013. The company promises high returns and collects a significant amount from various depositors.

After a year, the project fails and the company is unable to repay the deposits or the promised interest. The depositors file a complaint and the matter is investigated. I...

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