A group of 4 persons formed a group for purchase of some property. The group acquired some property for 2 Crore rupees but recorded the same to have been purchased for 2.40 Crore rupees. Subsequently, they sold the same property for 3 Crore rupees to a company which they had set up for this purpose. They themselves were directors of the newly set up company. Subsequently, company made public issue in which disclosure of profit of 60 lakhs was disclosed. The profit of 40 lakh rupees that has been made immediately after the first sale was withheld from information to the subscribing public. On bankruptcy of the company, the fact of the group having made profit of 40 lakhs came to light. Can the company this amount? What law and arguments will be applicable? Describe (No other information given)