Companies Act Section 448 — Punishment for false statement

CHAPTER XXIX MISCELLANEOUS

Commercial / Corporate

Summary

Except where this Act says something different, if a person makes a statement in any return, report, certificate, financial statement, prospectus, statement, or other document that is required by or for the purposes of this Act or its rules, and that statement is false in any material detail and the person knows it is false, then that person is liable under section 447.

Under clause (b), if a person makes such a statement that omits any material fact, and the person knows that the omitted fact is material, then that person is also liable under section 447.

Official Text

Save as otherwise provided in this Act, if in any return, report, certificate, financial statement, prospectus, statement or other document required by, or for, the purposes of any of the provisions of this Act or the rules made thereunder, any person makes a statement,—

(a) which is false in any material particulars, knowing it to be false; or

(b) which omits any material fact, knowing it to be material, he shall be liable under section 447.