Penalty for default under section 96 is narrowed and recast from fine to penalty in the Companies Act amendment. Section 99 of the Companies Act, 2013 is amended to confine the provision to default in complying with section 96 only. The marginal heading is substituted to read 'Penalty for default in complying with provisions of section 96', and references to sections 97 and 98 and to directions of the Tribunal are omitted from the operative text. The punishment framework is also recast from a fine-based regime to a penalty-based regime, with a continuing-default penalty capped for a company and for an officer in default.
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.
Penalty for default under section 96 is narrowed and recast from fine to penalty in the Companies Act amendment.
Section 99 of the Companies Act, 2013 is amended to confine the provision to default in complying with section 96 only. The marginal heading is substituted to read "Penalty for default in complying with provisions of section 96", and references to sections 97 and 98 and to directions of the Tribunal are omitted from the operative text. The punishment framework is also recast from a fine-based regime to a penalty-based regime, with a continuing-default penalty capped for a company and for an officer in default.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
