Section 75 — Damages for fraud

(1) Where a company fails to repay the deposit or part thereof or any interest
thereon referred to in section 74 within the time specified in sub-section (1) of that section or such further
time as may be allowed by the Tribunal under sub -section (2) of that section, and it is proved that the

1. Subs. by Act 1 of 2018, s. 15, for clause (c) (w.e.f. 15-8-2018).
2. Clause (d) omitted by s. 15, ibid. (w.e.f. 15-8-2018).
3. Subs. by s. 15, ibid., for “such deposits;” (w.e.f. 15-8-2018).
4. Subs. by s. 16, ibid., for clause (b) (w.e.f. 15-8-2018).

deposits had been accepted with intent to defraud the depositors or for any fraudulent purpose, every officer
of the company who was responsible for the acceptance of such deposit shall, without prejudice to the
provisions contained in sub -section ( 3) of that section and liability under sec tion 447, be personally
responsible, without any limitation of liability, for all or any of the losses or damages that may have been
incurred by the depositors.
(2) Any suit, proceedings or other action may be taken by any person, group of persons or any