Amended and updated notes on section 240 of Companies Act 2013. Detail discussion on provisions and rules related to liability of officers in respect of offences committed prior to merger, amalgamation, etc.
Chapter XV (Sections 230–240) of the Companies Act, 2013 (CA 2013) deals with the provisions related to Compromises, Arrangements and Amalgamations. Section 240 of CA 2013 provides for liability of officers in respect of offences committed prior to merger, amalgamation, etc.
Recently, we have discussed in detail section 239 (Preservation of books and papers of amalgamated companies) of CA 2013. Today, we learn the provisions of section 240 of Companies Act 2013.
The provisions of section 240 are effective from 15-Dec-2016. You may refer Notification No. S.O. 3677(E) issued dated 07-12-2016. In this article, you will learn detail of the provisions of section 240 of the Companies Act 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.
| 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. | XV |
| Chapter Name | Compromises, Arrangements and Amalgamations |
| Section No. | 240 |
| Section Name | Liability of officers in respect of offences committed prior to merger, amalgamation, etc. |
| Monthly Updated Edition | Company Law PDF |
Section 240 of Companies Act 2013: Liability of officers in respect of offences committed prior to merger, amalgamation, etc.
Section 240 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
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.