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.