Penalty
📚 Law Minded summary
The residual penalty for this Chapter. Where a company breaks any provision about directors and no specific punishment is set out for it, the company and every officer in default face a penalty of fifty thousand rupees, and five hundred rupees a day while it continues, up to a ceiling.
If a company is in default in complying with any of the provisions of this Chapter and for which no specific penalty or punishment is provided therein, the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees, and in case of continuing failure, with a further penalty of five hundred rupees for each day during which such failure continues, subject to a maximum of three lakh rupees in case of a company and one lakh rupees in case of an officer who is in default.] CHAPTER XII MEETINGS OF BOARD AND ITS POWERS
All sections in Chapter XI — Appointment and Qualifications of Directors