Section 1
Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for " or which subsequently passes a resolution for voluntary winding up," (w.e.f. 15-11-2016).
1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for " or which subsequently passes a resolution for voluntary winding up," (w.e.f. 15-11-2016).
(a) make provision for making the liability of any such person under the declaration a charge on any debt or obligation due from the company to him, or on any mortgage or charge or any interest in any mortgage or charge on any assets of the company held by or vested in him, or any person on his behalf, or any person claiming as assignee from or through the person liable or any person acting on his behalf;
(b) make such further order as may be necessary for the purpose of enforcing any charge imposed under this sub -section.
(3) Where any business of a company is carried on with such intent or for such purpose as is mentioned in sub -section (1), every person who was knowingly a party to the carrying on of the business in the manner aforesaid, shall be liable for action under section 447.
(4) This section shall apply, notwithstanding that the person concerned may be punishable under any other law for the time being in force in respect of the matters on the ground of which the declaration is to be made.
Explanation . — For the purposes of this section,—
(a) the expression " assignee " includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation, mortgage or charge was created, issued or transferred or the interest was created, but does not include an assignee for valuable consideration, not including consideration by way of marriage, given in good faith and without notice of any of the matters on the ground of which the declaration is made;
(b) the expression " " officer " includes any person in accordance with whose directions or instructions the directors of the company have been accustomed to act.
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