Section 57 of the Companies Act, 2013
Section 57 of the Companies Act, 2013 deals with punishment for personation of shareholder. Here's the provision in simple terms:
Section 57 – Punishment for Personation of Shareholder
If any person:
Deceitfully impersonates another person by:
Signing,
Transferring,
Delivering,
Lodging shares for transfer,
Claiming dividend or other rights related to shares,
Then, such person shall be punishable with:
Imprisonment which may extend up to 5 years, and
Fine which may extend up to ₹1 lakh.
Objective of Section 57:
To protect the interests of genuine shareholders and prevent fraud or impersonation in dealings related to shares.
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