Penalty for non compliance with section 203: company and officers face prescribed penalties and daily continuing default charges. Amendment of section 203 imposes a revised penalty regime: companies that default incur a prescribed monetary penalty; every director and key managerial ... Summary
Penalty for non compliance with section 203: company and officers face prescribed penalties and daily continuing default charges.
Amendment of section 203 imposes a revised penalty regime: companies that default incur a prescribed monetary penalty; every director and key managerial personnel in default is separately liable to a specified penalty; and where the default continues, an additional daily penalty accrues for each day after the first, subject to an overall cap.
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