Section 172 Punishment
- Amendments
- 1
- Last changed
- 21 December 2020
Substituted by Companies (Amendment) Act, 2020, s. 35, with effect from 21 December 2020. Earlier read: "section 35"172. Penalty.—
Substituted by Companies (Amendment) Act, 2020, s. 35, with effect from 21 December 2020. Earlier read: "section 35"If a company is in default in complying with any of the provisions of this Chapter and for which no specific penalty or punishment is provided therein, the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees, and in case of continuing failure, with a further penalty of five hundred rupees for each day during which such failure continues, subject to a maximum of three lakh rupees in case of a company and one lakh rupees in case of an officer who is in default.