337. Penalty for frauds by officers
If any person, being at the time of the commission of the alleged offence an officer
of a company which is subsequently ordered to be wound up by the Tribunal or which
subsequently passes a resolution for voluntary winding up,—
(a) has, by false pretences or by means of any other fraud, induced any person
to give credit to the company;
(b) with intent to defraud creditors of the company or any other person, has
made or caused to be made any gift or transfer of, or charge on, or has caused or
connived at the levying of any execution against, the property of the company; or
(c) with intent to defraud creditors of the company, has concealed or removed
any part of the property of the company since the date of any unsatisfied judgment or
order for payment of money obtained against the company or within two months
before that date,
he shall be punishable with imprisonment for a term which shall not be less than one year but
which may extend to three years and with fine which shall not be less than one lakh rupees
but which may extend to three lakh rupees.