Section 62 of PBPT Act : Section 62: Offences By Companies
PBPT Act
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Explanation using Example
Imagine a real estate company, "FutureHomes Ltd.", which is accused of holding properties in the name of fictitious individuals to avoid taxation, a practice that is prohibited under the Prohibition of Benami Property Transactions Act, 1988. The CEO and several board members were aware of this scheme and did not take steps to prevent it.
Under Section 62 of the Act, not only would FutureHomes Ltd. be deemed guilty of the contravention, b...
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