What will be the consequences which any company may face for non-fulfilling the provisions under the Companies (Restriction on number of layers) Rules, 2017?
CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · December 2020
What will be the consequences which any company may face for non-fulfilling the provisions under the Companies (Restriction on number of layers) Rules, 2017?
Answer & Explanation:
If any company contravenes any provision of the Companies (Restriction on number of layers) Rules, 2017, the company and every officer of the company who is in default shall be punishable with fine which may extend to ten thousand rupees and where the contravention is a continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which such contravention continues.
Topics: Company Law
Related Questions in this Topic
- XYZ Ltd. a public unlisted company engaged in business of transportation, is having three layers of subsidiary as on 31s...
- N Ltd. is an unlisted public company incorporated in India. It issued ₹1 crore Partially Convertible Debenture (PCD) wit...
- N Ltd. is an unlisted public company incorporated in India. It issued ₹1 crore Partially Convertible Debenture (PCD) wit...
- Y Ltd. was incorporated in 2012. Earlier, you as a Company Secretary has informed the Board of directors that there is n...
- ABC Technologies Pvt Ltd. is a private company with authorised capital of ₹19,00,00,000 divided into 1,90,00,000 of equi...