Section 72   [ View Judgements ]

Amendment of section 234.- In section 234 of the principal Act


(a) in sub-section (1), for the words "in order that such document may afford full particulars of the matter to which it" the words " with respect to any matter to which such document" shall be substituted;



(b) after sub-section (3), the following sub-section shall be inserted, namely:-



"(3A) If no information or explanation is furnished within the time specified or if the information or explanation furnished is, in the opinion of the Registrar, inadequate, the Registrar may by another written order call on the company to produce before him for his inspection such books and papers as he considers necessary within such time as he may specify in the order; and it shall be the duty of the company, and of all persons who are officers of the company, to produce such books and papers.";



(c) in sub-section (4),-



(i) after the words "any such information or explanation", the words "or if the company or any such person as is referred to in sub-section (3A) refuses or neglects to produce any such books and papers" shall be inserted;



(ii) for clauses (a) and (b), the following clauses shall be substituted, namely:-



"(a) the company and each such person shall be punishable with fine which may extend to five hundred rupees and in the case of continuing offence, with an additional fine which may extend to fifty rupees for every day after the first during which the offence continues; and



(b) the Court trying the offence may, on the application of the registrar and after notice to the company, make an order on the company for production before the registrar of such books and papers as in the opinion of the court, may reasonable be required by the registrar for the purpose referred to in sub-section (1).";



(d) for sub-section (5), the following sub-section shall be substituted , namely:-



"(5) On receipt of any writing containing the information or explanation referred to in sub-section (1), or of any book or paper produced whether in pursuance of an order of the Registrar under sub-section (3A) or of an order of the Court under sub-section (4), the Registrar may annex that writing, book or paper, or where that book or paper is required by the company, any copy or extract thereof, to the document referred to in sub-section (1); and any writing or any book or paper or copy or extract thereof so annexed shall be subject to the like provisions as to inspection, the taking of extracts and the furnishing of copies, as that document is subject.";



(e) for sub-section (6), the following sub-section shall be substituted, namely:-



"(6) If such information or explanation is not furnished within the specified time or if after perusal of such information or explanation or of the books and papers produced whether in pursuance of an order of the Registrar under sub-section (3A) or of an order of the Court under sub-section (4), the Registrar is of opinion that the document referred to in sub-section (1), together with such information or explanation or such books and papers discloses an unsatisfactory state of affairs or does not discloses a full and fair statement of any matter to which the document purports to relate, the Registrar shall report in writing the circumstances of the case to the Central Government.";



(f) in sub-section (7), after the brackets and figure "(3)" the brackets, figure and letter "(3A)" shall inserted.".

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