Question
Consider the following statements regarding violations and penalties under the Companies Act, 2013: Statement 1: Violation of director duties under Section 166 attracts criminal penalties only if fraud is involved. Statement 2: Failure to file financial statements and annual returns can result in both civil and criminal penalties. Statement 3: A director who causes the company to default in performing statutory duties can be held liable up to Rs. 5 lakhs or imprisonment up to 5 years. Statement 4: The company can be held liable separately from its directors for violations of the Act. Which statements are correct?
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