Section 99 · Chapter VII, Management and Administration
Punishment for default in complying with provisions of sections 96 to 98
📚 Law Minded summary
The penalty for failing to hold a meeting required by sections 96 to 98, or to obey the Tribunal's directions about one.
The company and every officer in default face a fine of up to one lakh rupees, and a further five thousand a day for each day the default continues.
Section 99. Punishment for default in complying with provisions of sections 96 to 98
If any defau lt is made in holding a meeting of the company in accordance with section 96 or section 97 or section 98 or in complying with any directions of the Tribunal, the company and every officer of the company who is in default shall be punishable with fine which may extend to one lakh rupees and in the case of a continuing default, with a further fine which may extend to five thousand rupees for every day during which such default continues.