Section 514 - Corrupt inducement affecting appointment as liquidator. - Companies Act, 1956

Corrupt inducement affecting appointment as liquidator. 514. Any person who gives, or agrees or offers to give, to any member or creditor of a company any gratification whatever with a view to (a) securing his own appointment or nomination as the company's liquidator; or (b) securing or preventing the appointment or nomination of some person other than himself, as the company's liquidator; shall be punishable with fine which may extend to [1] [ten thousand rupees]. -------------------------------------- Notes:- [1] Substituted for "one thousand rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000.