Penalty for default of certain provisions
📚 Law Minded summary
The penalty for failing to comply with the DIN provisions — sections 152, 155 and 156.
The individual or director in default faces a penalty of up to fifty thousand rupees, and a further five hundred rupees for each day the default continues.
If any individual or director of a company makes any default in complying with any of the provisions of section 152 , section 155 and section 156, such individual or director of the company shall be liable to a penalty which may extend to fifty thousand rupees and where the default is a continuing one, with a further penalty which may extend to five hundred rupees for each day after the first during which such default continues.]
All sections in Chapter XI — Appointment and Qualifications of Directors