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Sec 240 Companies Act 2013: Officers' Liability (Offences prior to Merger/Amalgamation)

SECTION-240 (Liability of officers in respect of offences committed prior to merger, amalgamation, etc.) under CHAPTER-XV (Compromises, Arrangements and Amalgamations) of the Companies Act, 2013

Notwithstanding anything in any other law for the time being in force, the liability in respect of offences committed under this Act by the officers in default, of the transferor company prior to its merger, amalgamation or acquisition shall continue after such merger, amalgamation or acquisition.

Extra Notes for Readers

(1) The Companies Act, 2013 received the assent of the President on the 29th August, 2013 (Published in the Gazette of India, Extraordinary, Part II - Section 1 by Ministry of Law and Justice, Legislative Department on 30th August, 2013)

(2) Section 240 of the Companies Act 2013 was notified by MCA Notification S.O. 3677(E) dated 7th December 2016 (w.e.f. 15th December 2016)

(3) Also refer the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (w.e.f. 15th December, 2016)

[Do check for any further amendments to the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016]

This page was last updated on 2nd May, 2017.