S. 448 Companies Act must be read along with S. 447: Supreme Court

The Supreme Court clarified that Section 448 of the Companies Act, 2013 cannot be read in isolation and must be read along with Section 447. It said that the offence under Section 448 is inextricably linked to the punishment for ‘fraud’ as mentioned in Section 447 and as such, the second proviso to Section 212(6) is attracted.