State the punishment prescribed under Companies Act, 2013 for the following: (i) Punishment where no specific penalty is provided
CS Professional · Resolution of Corporate Disputes, Non-Compliances & Remedies · PYQS · June 2025
State the punishment prescribed under Companies Act, 2013 for the following: (i) Punishment where no specific penalty is provided
Answer & Explanation:
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 liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person (Section 450).
Topics: Company Law
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