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The Companies Act, 1956

Winding Up (Section 425 to 560)

Section 514 Corrupt inducement affecting appointment as liquidator.

Section 514 Corrupt inducement affecting appointment as liquidator.

Any person who gives, or agrees or offers to give, to any member or creditor of a company any gratification whatever with a view to -

(a) securing his own appointment or nomination as the company's liquidator; or

(b) securing or preventing the appointment or nomination of some person other than himself, as the company's liquidator;

shall be punishable with fine which may extend to ten thousand rupees.