FKZ Ltd. is a public limited company carrying business of manufacturing the electric products having a paid up capital of ₹75 crore and turnover of ₹250 crore as per latest audited financial statement. Answer the followi
CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · June 2019
FKZ Ltd. is a public limited company carrying business of manufacturing the electric products having a paid up capital of ₹75 crore and turnover of ₹250 crore as per latest audited financial statement. Answer the following: In case, 'S' a Secretarial Auditor, is found involved in the fraud amounting of ₹3 lakh (does not involve any public interest), then state the penalty for such action.
Answer & Explanation:
In the instant case since the fraud is of Rupees 3 Lakh which is less than Rupees 10 Lakh and does not involve public interest, the Secretarial Auditor 'S' shall be punishable with imprisonment for a term which may extend to five years or with fine which may extend to Rupees 50 Lakh or with both.
Topics: Secretarial Audit
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