Section 75 of Companies Act, 2013

75. Damages for fraud

(1) Where a company fails to repay the deposit or part thereof or any interest

thereon referred to in section 74 within the time specified in sub-section (1) of that section

or such further time as may be allowed by the Tribunal under sub-section (2) of that section,

and it is proved that the deposits had been accepted with intent to defraud the depositors or

for any fraudulent purpose, every officer of the company who was responsible for the

acceptance of such deposit shall, without prejudice to the provisions contained in subsection

(3) of that section and liability under section 447, be personally responsible, without

any limitation of liability, for all or any of the losses or damages that may have been incurred

by the depositors.

(2) Any suit, proceedings or other action may be taken by any person, group of

persons or any association of persons who had incurred any loss as a result of the failure of

the company to repay the deposits or part thereof or any interest thereon.

Complete: companies-act-2013