alleryStart learning →Maximum imprisonment for a defaulting officer under section 74(3)?
AThree years
BTen years
CFive years
DSeven years
Answer & Solution
Correct answer: D. Seven years
An officer in default under section 74(3) faces imprisonment up to seven years, or a fine of Rs 25 lakh to Rs 2 crore, or both.
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Related questions
Where must a company inviting public deposits upload the circular?A deposit circular stays valid for how long after the financial year closes (at most)?Who signs the circular copy sent to the Registrar under Rule 4(5)?On whose authority and name must a deposit circular be issued?An eligible company's public deposit circular is issued in which form?A section 73(2) company can send its member circular by which mode?After issuing the circular, what may a company not reserve a right to do?Who alone is entitled to brokerage on deposits procured for a company?