TaxTMI 
TaxTMI 
Contravention by companies
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....ble to the company for the conduct of the business of the company, as well as the company, shall be deemed to be in contravention of this Act and unless otherwise provided in this Act, the Commission may impose such penalty on such persons, as it may deem fit which shall not be more than ten per cent. of the average of the income for the last three preceding financial years: Provided that in case....
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....ed that the contravention has taken place with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officers of the company, such director, manager, secretary or other officers shall also be deemed to be in contravention of the provisions of this Act and unless otherwise provided in this Act, the Commission may impose such penalt....
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.... such manner as may be specified by regulations.] ******************* NOTES:- 1. Substituted vide Competition (Amendment) Act, 2023 dated 11-04-2023 06-03-2024 before it was read as, "Contravention by companies. 48. (1) Where a person committing contravention of any of the provisions of this Act or of any rule, regulation, order made or direction issued thereunder is a company, every ....