Companies Act penalty framework tightened for contravention of disclosure and compliance duties under section 186. Section 186 is amended to exclude sub-sections (9) and (10) from the saving clause in sub-section (13) and to insert a new penalty provision for contravention of those sub-sections. The amendment imposes a penalty on the company for breach of sub-section (9) or (10), with an additional daily penalty for continuing contravention subject to a maximum, and also imposes a separate penalty on every officer in default, with an additional daily penalty for continuing default subject to a maximum.
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Provisions expressly mentioned in the judgment/order text.
Companies Act penalty framework tightened for contravention of disclosure and compliance duties under section 186.
Section 186 is amended to exclude sub-sections (9) and (10) from the saving clause in sub-section (13) and to insert a new penalty provision for contravention of those sub-sections. The amendment imposes a penalty on the company for breach of sub-section (9) or (10), with an additional daily penalty for continuing contravention subject to a maximum, and also imposes a separate penalty on every officer in default, with an additional daily penalty for continuing default subject to a maximum.
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