Penalty increase for company defaults: companies and officers now face specified statutory monetary sanctions under amended section 86. The substituted sub section (1) of section 86 prescribes that if any company is in default in complying with any provision of the Chapter, the company ... Summary
Penalty increase for company defaults: companies and officers now face specified statutory monetary sanctions under amended section 86.
The substituted sub section (1) of section 86 prescribes that if any company is in default in complying with any provision of the 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.
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