Please note that some of the sections there is no specific penalty or punishment clause provided. It does not mean no such penalty or punishment.
Where no penalty or punishment is provided then we need to refer Section 450 which i am reproducing here
Where no penalty or punishment is provided then we need to refer Section 450 which i am reproducing here
Punishment where no specific penalty or
punishment is provided.
450. If a company or any officer of
a company or any other person contravenes any of the provisions of this Act or
the rules made thereunder, or any condition, limitation or restriction subject
to which any approval, sanction, consent, confirmation, recognition, direction
or exemption in relation to any matter has been accorded, given or granted, and
for which no penalty or punishment is provided elsewhere in this Act, the
company and every officer of the company who is in default or such other person
shall be punishable with fine which may extend to ten thousand rupees, and
where the contravention is continuing one, with a further fine which may extend
to one thousand rupees for every day after the first during which the
contravention continues.
Penalty clause - with fine which may extend to ten thousand rupees and contravention coninues then Rs.1000 after the first during which the contravention continues.
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