Penalty liability for failure to comply with subsections (1)-(5) imposes sanction on company and defaulting officers. The amendment substitutes subsection (6) of section 56 to provide that where any default is made in complying with subsections (1) to (5), the company and ... Summary
Penalty liability for failure to comply with subsections (1)-(5) imposes sanction on company and defaulting officers.
The amendment substitutes subsection (6) of section 56 to provide that where any default is made in complying with subsections (1) to (5), the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.