Section 31 - Amendment of section 212. - Companies (Amendment) Act, 2019

Amendment of section 212. 31. In section 212 of the principal Act,- (a) in sub-section (8), for the words If the Director, Additional Director or Assistant Director , the words If any officer not below the rank of Assistant Director shall be substituted; (b) in sub-section (9), for the portion beginning with the words The Director and ending with the word, brackets and figure sub-section (8) , the words, brackets and figure The officer authorised under sub-section (8) shall, immediately after arrest of such person under such sub-section shall be substituted; (c) in sub-section (10),- (i) for the words Judicial Magistrate , the words Special Court or Judicial Magistrate shall be substituted; (ii) in the proviso, for the words Magistrate s court , the words Special Court or Magistrate s court shall be substituted; (d) after sub-section (14), the following sub-section shall be inserted, namely:- (14A) Where the report under sub-section (11) or sub-section (12) states that fraud has taken place in a company and due to such fraud any director, key managerial personnel, other officer of the company or any other person or entity, has taken undue advantage or benefit, whether in the form of any asset, property or cash or in any other manner, the Central Government may file an application before the Tribunal for appropriate orders with regard to disgorgement of such asset, property or cash and also for holding such director, key managerial personnel, other officer or any other person liable personally without any limitation of liability. .