Director duties default penalties are revised, with court power to recover undue gains and separate penalties for non-compliance. Section 166 of the Companies Act is amended to confine the reference in sub-section (7) to sub-section (5) and to enable the court to direct a director to pay the amount of undue gains referred to in sub-section (5) to the company. A new sub-section (8) prescribes penalties for default in complying with section 166, other than sub-section (5), namely five lakh rupees for a listed company and two lakh rupees for any other company.
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.
Director duties default penalties are revised, with court power to recover undue gains and separate penalties for non-compliance.
Section 166 of the Companies Act is amended to confine the reference in sub-section (7) to sub-section (5) and to enable the court to direct a director to pay the amount of undue gains referred to in sub-section (5) to the company. A new sub-section (8) prescribes penalties for default in complying with section 166, other than sub-section (5), namely five lakh rupees for a listed company and two lakh rupees for any other company.
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 
