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<h1>Penalty for non-compliance: companies and defaulting officers face fines, with additional daily fines for continuing contraventions.</h1> Rule 24 prescribes that a company falling under rule 2 and every officer of the company who is in default shall be punishable with a fine which may extend to five thousand rupees, and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues.