Business Studies · Depositories Act 1996
According to the Depositories Act, 1996, for offences committed by a company, an in-charge person will not be liable if:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1He resigned after the offence was committed but before it was detected
- 2He does not own any shares of the company
- 3He proves that the offence was committed without his knowledge and that he exercised all due diligence to prevent it✓
- 4He was physically absent from the company's premises
Correct answer
He proves that the offence was committed without his knowledge and that he exercised all due diligence to prevent it
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