Section 86 Punishment for contravention
- Chapter
- VI · Registration of Charges
- Amendments
- 3
- Last changed
- 21 December 2020
86. Punishment for contravention.—
Substituted by Companies (Amendment) Act, 2020, s. 16, with effect from 21 December 2020. Earlier read: "sub-section (1)" Renumbered by Companies (Amendment) Act, 2019, s. 12, with effect from 2 November 2018(1) If any company is in default in complying with any of the provisions of this Chapter, the company shall be liable to a penalty of five lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees.
Inserted by Companies (Amendment) Act, 2019, s. 12, with effect from 2 November 2018(2) If any person willfully furnishes any false or incorrect information or knowingly suppresses any material information, required to be registered in accordance with the provisions of section 77, he shall be liable for action under section 447.