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of <h1>Non-compliance with sections 96, 97, 98 meetings invites escalating daily fines for companies and defaulting officers</h1> Failure by a company to hold required meetings under sections 96, 97, or 98 of the Companies Act, 2013, or to comply with directions of the Tribunal, attracts monetary penalties. Both the company and every defaulting officer are liable. The fine may extend up to one lakh rupees for the initial default. If the default continues, an additional fine of up to five thousand rupees may be imposed for each day the default persists, thereby creating an escalating financial consequence for ongoing non-compliance with statutory meeting and Tribunal direction requirements.
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