Penalty for non compliance with transfer of profits rules: company and defaulting officers liable to fines, plus daily fines for continuing breaches. Rule 4 establishes that if a company fails to comply with the Companies (Transfer of Profits to Reserves) Rules, 1975, the company and every officer in default are punishable with a fine which may extend to five hundred rupees, and where the contravention continues, with a further fine which may extend to fifty rupees for every day after the first during which the contravention continues.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for non compliance with transfer of profits rules: company and defaulting officers liable to fines, plus daily fines for continuing breaches.
Rule 4 establishes that if a company fails to comply with the Companies (Transfer of Profits to Reserves) Rules, 1975, the company and every officer in default are punishable with a fine which may extend to five hundred rupees, and where the contravention continues, with a further fine which may extend to fifty rupees for every day after the first during which the contravention continues.
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