An individual deceitfully impersonated himself as the transferee and got the shares transferred in his name. He also received the accruals like bonus, dividend etc. on such shares. After sometime this fraud by the indivi

Section 57 of the Companies Act, 2013 provides that, where any person deceitfully personates as an owner of any security or interest in a company, or of any share warrant or coupon issued in pursuance of the Companies Act, 2013 and: (i) thereby obtains or attempts to obtain any such share or interest or any such share warrant or coupon, or (ii) receives or attempt to receive any money due to any such owner. He shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees. Hence, the argument of the company secretary is not correct. The Companies Act 2013 itself provides for punishment for impersonation.