Sunday, June 22, 2008

Companies Act_Practicle Problems_8

Since consequences of not complying with 297 are already mentioned in sub-section 5 i.e. such contract becoming voidable, whether provisions of section 629A are applicable? Can it be argued that since consequences of not complying of 297 are prescribed in sub section 5, it can not be a case of “not prescribing punishment’ which is essential to attract section 629A. In other words Whether “contract becoming voidable“ is a punishment?

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