Section 333 of the Companies Act, 2013
Section 333 of the Companies Act, 2013 relates to the penalty for failure to deliver property to the company after resignation or removal.
🔹 Section 333 – Penalty for Failure to Deliver Property of Company
🟡 Key Provisions:
If any officer or employee of a company, or any other person, on ceasing to be an officer or employee, fails to deliver to the company, or to any person authorized by the company, any property, books, papers, money, or securities belonging to the company, then:
Such person shall be liable to pay a fine which may extend to ₹1,00,000, and
If the failure continues, a further fine which may extend to ₹5,000 for each day during which the failure continues after conviction.
✅ Objective:
To ensure that company property and documents are duly handed over when a person leaves their position, preventing misuse or withholding of company assets.
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