alleryStart learning →Section 76A: maximum imprisonment for an officer in default?
ATen years
BSeven years
CThree years
DFive years
Answer & Solution
Correct answer: B. Seven years
An officer in default may be imprisoned for up to seven years and also fined, as the amended section 76A provides.
Keep practising Acceptance of Deposits by Companies
Browse all Acceptance of Deposits by Companies questions for CA Inter, or explore more Law topics.
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?