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Companies Act, 1956

Sec 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 ten thousand rupees.

Companies Act, 1956 Back

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