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September 2011

Master Circular for Prosecution of Officer in Default. [Circular_1-2011_28july2011.pdf]

By Sejal Vasa, Company Secretary
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Master Circular regarding the Prosecution of Directors. i.e., in identifying the ‘Officer in default’. In supersession of all earlier Circulars, it is clarified that the Registrar of Companies should take extra care to identify the Officer in default based on the Form 32, Din3 and Annual Return. Director cannot be held liable for any act of omission or commission by the company or by any officer of the company which constitute a breach or violation of any provision of the Companies Act, 1956, and which occurred without his knowledge attributable through Board process and without his consent or connivance or where he has acted diligently through the Board process. Full Circular can be accessed on http://www.mca.gov. in/Ministry/pdf/

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