Penalty for failure to furnish company information is revised, with separate liability for defaulting officers. Amendment of section 206 substitutes sub-section (7) to revise penalties for failure to furnish information, explanations or documents required under the section. A defaulting company becomes liable to a penalty of one lakh rupees, with a further daily penalty for continuing default subject to a maximum of five lakh rupees. Every officer in default becomes separately liable to a penalty of twenty-five thousand rupees, with a further daily penalty for continuing default subject to a maximum of one lakh rupees.
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Provisions expressly mentioned in the judgment/order text.
Penalty for failure to furnish company information is revised, with separate liability for defaulting officers.
Amendment of section 206 substitutes sub-section (7) to revise penalties for failure to furnish information, explanations or documents required under the section. A defaulting company becomes liable to a penalty of one lakh rupees, with a further daily penalty for continuing default subject to a maximum of five lakh rupees. Every officer in default becomes separately liable to a penalty of twenty-five thousand rupees, with a further daily penalty for continuing default subject to a maximum of one lakh rupees.
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