Amended and updated notes on section 57 of Companies Act 2013. Detail discussion on provisions and rules related to punishment for personation of shareholder.
Chapter IV (Sections 43–72) of the Companies Act, 2013 (CA 2013) deals with the provisions related to share capital and debentures. Section 57 of CA 2013 provides for punishment for personation of shareholder.
Recently, we have discussed in detail section 56 (Transfer and transmission of securities) of CA 2013. Today, we learn the provisions of section 57 of Companies Act 2013 read with the Companies (Share Capital and Debentures) Rules, 2014.
Section 57 of the Companies Act, 2013 has been notified by the Ministry of Corporate Affairs (MCA) vide Notification No. S.O. 2754(E) issued dated 12.09.2013. This notification was come into force from 12th September, 2013 i.e. the commencement date of section 57 is 12-9-2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | IV |
| Chapter Name | Share Capital and Debentures |
| Section No. | 57 |
| Section Name | Punishment for personation of shareholder |
| Monthly Updated Edition | Company Law PDF |
Section 57 of Companies Act 2013: Punishment for personation of shareholder
Section 57 shall come into force on 12th September, 2013 vide Notification No. S.O. 2754(E) dated 12.09.2013.
If any person deceitfully personates as an owner of any security or interest in a company, or of any share warrant or coupon issued in pursuance of this Act, and thereby obtains or attempts to obtain any such security or interest or any such share warrant or coupon, or receives or attempts to receive any money due to any such owner, 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 five lakh rupees.