Amendment status not verified — confirm the current text below against the official source.
(1) - -Notwithstandinganythingcontain.ed in the Companies' · 'At£ 2013;where any tax, interest or penalty due from a private company in respe? of any supply of goodsor services or both for anyperiodcanriot be recovered, then, eferfpetson"whowas a, director of the private company > duririgsuch period'shall,jointlyand severaUy, b? liable ;jfor the payment of such tax, interi? or penaltyµnless he: P!oves that the npn-recoverfc?i ?e?ttlibtite?}o ?y .gross neglect, rmsfeasance or breach of-dutyon his pm in relation to,theaffairs of the company. ' (2) Where a private company is col\'W!tted into a public .,,icompanyandthetax,interestorpenaltyinrespectofahy· supplyof goodsor services or both for any period during ._,:'w?ich such company was a, privat?company cannot' ' ;, be relovered before such con.v?on, then, -nothing contained in' sub-section (lJshaU'appfyto anyperson who was a director of such private company in relation h0 to any tax:, interest or penaltyifl:respect of,such supply of 1•oigoodsor services or both of such private'company: ?·· . .,:;':.,,: -? .., :\ c>:;, , Prqvkkd·that nothing,containt.d in,J:W,. sµh?section shall apply to any personal penalty imposed,on sqch director. I uibilityof directors of private company. 31 of2016 102 Notwithstanding any contract to the contrary ?d any 'other law for.th?time bangin force, where any firJl'lis'liable to pay any t?x/inte?est or penaltyunder this Act, the .1irm ? each of th??e?r?f the firm shall. · • j?intlyand severally.be liable for sucn pay,mertt: .,. Provided that where any partner retires from the firm, he or the firm, ?all intimate the,date of fCtirementofth? sai4partner to :;:;:r?zn??!·?:::???=::?: .:::d?1: date of his retiren;ient.whether determined or µot, on? ?: Provided further •uilt· if no such intimation is giVeti'within one month from the date ? retirement, the liabilityof sudl• partner under the first proviso shall continue until the date M'Wbich'su.ch intimation is received by the Commissioner.