{"id":79976,"date":"2023-11-14T17:59:02","date_gmt":"2023-11-14T12:29:02","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?post_type=act&#038;p=79976"},"modified":"2023-11-14T17:59:04","modified_gmt":"2023-11-14T12:29:04","slug":"section-38","status":"publish","type":"act","link":"https:\/\/enterslice.com\/learning\/act\/companies-act-2013\/section-38\/","title":{"rendered":"Section 38. Punishment For Personation For Acquisition, Etc., Of Securities"},"content":{"rendered":"\n<div class=\"wp-block-group is-layout-constrained\"><div class=\"wp-block-group__inner-container\">\n<p>(1) Any person who&#8211;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(a) makes or abets making of an application in a fictitious name to a company for acquiring, or subscribing for, its securities; or<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(b) makes or abets making of multiple applications to a company in different names or in different combinations of his name or surname for acquiring or subscribing for its securities; or<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him, or to any other person in a fictitious name,<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>shall be liable for action under section 447.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(2) The provisions of sub-section (1) shall be prominently reproduced in every prospectus issued by acompany and in every form of application for securities.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(3) Where a person has been convicted under this section, the Court may also order disgorgement of gain, if any, made by, and seizure and disposal of the securities in possession of, such person.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(4) The amount received through disgorgement or disposal of securities under subsection (3) shall be credited to the Investor Education and Protection Fund.<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>(1) Any person who&#8211; (a) makes or abets making of an application in a fictitious name to a company for acquiring, or subscribing for, its securities; or (b) makes or abets making of multiple applications to a company in different names or in different combinations of his name or surname for acquiring or subscribing for [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":79763,"parent":79755,"menu_order":0,"template":"","format":"standard","meta":[],"categories":[11445],"tags":[1007],"acf":{"service_id":"215"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Section 38. 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