Friday, October 7, 2016

Punishment where no specific penalty or punishment is provided. Companies Act 2013

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

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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