Name of the officers of the Company who can be held liable in case the Company has issued share warrant without proper stamp duty. What shall be the penalty as prescribed under Sec. 62(2) of the Stamp Act.
CS Executive · Jurisprudence, Interpretation and General Laws · PYQS · December 2019
Name of the officers of the Company who can be held liable in case the Company has issued share warrant without proper stamp duty. What shall be the penalty as prescribed under Sec. 62(2) of the Stamp Act.
Answer & Explanation:
As per Section 62(2) of the Indian Stamp Act, 1899, if a share-warrant is issued without being duly stamped, the company issuing the same, and also every person who, at the time when it is issued, is the managing director or secretary or other principal officer of the company, shall be punishable with fine which may extend to five hundred rupees.
Topics: Indian Stamp Act, 1899
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