Punishment for contravention
📚 Law Minded summary
The penalty for breaking any rule in this Chapter: five lakh rupees on the company, and up to fifty thousand on every officer in default.
Where someone wilfully gives false information or suppresses it in a charge filing, that is fraud under section 447.
1[ 2[(1)] If any company is in default in complying with any of the provisions of this Chapter, the company shall be liable to a penalty of five lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees]. 3[
(2) If any person willfully furnishes any false or incorrect information or knowingly suppresses any material information, required to be registered in accordance with the provisions of section 77, he shall be liable for action under section 447.]