'The term fraud has been specifically defined in the Companies Bill, 2012'

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SummaryOn Thursday, Parliament approved the Companies Bill, 2012, which will replace the 58-year-old Companies Act, 1956.

involves public interest, the minimum imprisonment is 3 years. In cases where deposits are accepted with an intent to defraud the depositors or for any fraudulent purpose, every officer responsible for acceptance of such deposit will be personally responsible without any limitation of liability, in addition to the penalties. Also the, whistle blower policy is applicable in listed companies as part of corporate governance norms but is a non-mandatory requirement. The Whistle Blowers Protection Bill is still pending but that will be applicable to corruption, misuse of power, or criminal offence by a public servant.

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