Section 100(1)(b) in Indian Companies Act, 1913

[Cites 0, Cited by 0] [Section 100(1)] [Section 100] [Entire Act]

Union of India - Subsection

Section 100(1)(b) in Indian Companies Act, 1913

(b)with respect to every misleading or untrue statement purporting to be a statement by or contained in what purports to be a copy of or extract from a report or valuation of an expert, that it fairly represented the statement, or was a correct and fair copy of or extract from the report or valuation: Provided that the director, person named as director, promoter or person who authorised the issue of the prospectus shall be liable to pay compensation as aforesaid if it is proved that he had no reasonable ground to believe that the person making the statement, report or valuation was competent to make it; and

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Union of India - Subsection

Section 100(1)(b) in Indian Companies Act, 1913