Prepare a note on provisions with respect to punishment under Section 392 of the Companies Act, 2013 for contravention of the provisions by a foreign company.

CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · June 2019
Prepare a note on provisions with respect to punishment under Section 392 of the Companies Act, 2013 for contravention of the provisions by a foreign company.

Answer & Explanation:

Section 392: Punishment for Contravention Without prejudice to the provisions of section 391 of the Companies Act, 2013, if a foreign company contravenes the provisions of Chapter XXII - Companies Incorporated Outside India, the foreign company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees and in the case of a continuing offence, with an additional fine which may extend to fifty thousand rupees for every day after the first during which the contravention continues and every officer of the foreign company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty five thousand rupees but which may extend to five lakh rupees, or with both.

Topics: Companies Act, 2013

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