New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What is the punishment for guilty of fraud involving an

    amount of at least 10 lakh rupees or 1% of the turnover of the company, as per Companies Act, 2013?
    A At least 9 months Correct Answer Incorrect Answer
    B Less than 12 months Correct Answer Incorrect Answer
    C Greater than 12 months Correct Answer Incorrect Answer
    D Not less than 6 months Correct Answer Incorrect Answer

    Solution

    As per section 447 of Companies Act 2013 - Any person who is found to be guilty of fraud involving an amount of at least ten lakh rupees or one percent. of the turnover of the company, whichever is lower, shall be punishable with imprisonment for a term which shall not be less than six months which may extend to ten years.

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