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 ... Summary
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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