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Under Section 339(1) of the Companies Act, 2013, where in the course of winding up of a company it appears that any business of the company has been carried on with intent to defraud creditors or for any fraudulent purpose, the Tribunal may declare:
Answer & Solution
Correct answer: D.
1. Section 339(1) of the Companies Act, 2013 deals with fraudulent conduct of business during winding up.
2. The Tribunal may declare persons "knowingly parties to the carrying on of the business" personally liable, without limitation, for the company's debts.
3. Lesson 1's list of exceptions to limited liability includes Section 339.
4. The provision targets specific wrongdoers, not the entire body of shareholders or unrelated professionals.
_Source: ICSI CS Executive Paper 2 (Company Law) — Lesson 1: Introduction to Company Law, pp. 2-35._
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