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of <h1>Company Officers Face Fines Up to 50,000 for Violating Section 372 or 373 of Companies Act, 1956</h1> Under Section 374 of the Companies Act, 1956, any officer of a company who fails to comply with the provisions of Section 372 (excluding sub-sections (6) and (7)) or Section 373 is subject to a penalty. The penalty for such a contravention is a fine that may extend up to fifty thousand rupees. This amount was increased from five thousand rupees following amendments made by the Companies (Amendment) Act, 2000.
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