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?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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