Section 24A(2) in The M.P. Vanijyik Kar Adhiniyam, 1994
(2)Where a company registered under Section 22 or Section 23 and liable to pay tax under the Act ordinarily at the rate of rupees twelve thousand per quarter or rupees forty eight thousand per annum or above, fails to furnish returns under Section 26 in time or fails to pay the tax payable according to such returns or fails to furnish any return or fails to pay tax payable under the Act, the Commissioner may require to furnish personal/corporate guarantee of the promoters of such company for proper realisation of tax or any other sum payable under this Act, in such form and in such manner as may be prescribed.Explanation. - For the purpose of this Section-
