Companies Act contraventions without prescribed penalties now attract fixed fines and daily continuing penalties with statutory caps. Where no specific penalty is provided for a contravention of the Act, its rules, or conditions attached to approvals or exemptions, the company, every officer in default and any other person shall be liable to a penalty of ten thousand rupees and, for continuing contraventions, one thousand rupees per day after the first, subject to maximum caps of two lakh rupees for a company and fifty thousand rupees for an officer in default or any other person.
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.
Companies Act contraventions without prescribed penalties now attract fixed fines and daily continuing penalties with statutory caps.
Where no specific penalty is provided for a contravention of the Act, its rules, or conditions attached to approvals or exemptions, the company, every officer in default and any other person shall be liable to a penalty of ten thousand rupees and, for continuing contraventions, one thousand rupees per day after the first, subject to maximum caps of two lakh rupees for a company and fifty thousand rupees for an officer in default or any other person.
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