Understanding Compounding, Adjudication, and Condonation under the Companies Act, 2013
This presentation by CS Santosh Pandey covers the conceptual understanding of compounding, adjudication, and condonation under the Companies Act, 2013. It explains the purpose of company law, compounding of offences, condonation of delay, adjudication of penalties, and differences between them. Additionally, it delves into the constitution of the Company Law Committee and the meanings of fine and penalty.
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CONCEPTUAL UNDERSTANDING OF COMPOUNDING, CONCEPTUAL UNDERSTANDING OF COMPOUNDING, ADJUDICATION AND CONDONATION UNDER THE ADJUDICATION AND CONDONATION UNDER THE COMPANIES ACT, 2013 COMPANIES ACT, 2013 Presentation by: Presentation by: CS SANTOSH PANDEY CS SANTOSH PANDEY Practicing Company Secretary and Law Graduate Practicing Company Secretary and Law Graduate
Disclaimer Disclaimer VIEWS PERSONAL. EXPRESSED IN THIS PRESENTATION ARE STRICTLY IN SHORT FORMAL OPINION MAY DIFFER DEPENDING UPON THE FACTS OF THE CASE AND CIRCUMSTANCES PREVAILING AT PARTICULAR POINT OF TIME.
WHAT WE WILL BE COVERING? Purpose Purpose of of Company Understanding Understanding of of terminologies and and defaults defaults. . Compounding Compounding of of Offences Condonation Condonation of of delay Adjudication Adjudication of of Penalties Difference Difference between between Condonation Condonation of of delay, Thought Thought process process while Company Law terminologies Fine Law Committee Committee Fine and and Penalty Penalty and and offences offences Offences [Section delay [Section [Section 460 Penalties [Section [Section 441 460] ] [Section 454 Compounding, Compounding, and while making making reply 441], ], 454], ], Adjudication Adjudication and and delay, and reply to to MCA MCA- -CMS CMS notices notices
Constitution of Company Law Committee [2018 & 2019] - Purpose Purpose- - De-clogging the courts Ease of Living of Corporates and Ease of doing business Speedy disposal of procedural non-compliance cases Introduction of Inhouse Inhouse Adjudication Adjudication Mechanism Conversion of offences of Criminal Nature to Civil Only Mechanism
Fine & Penalty Meaning Meaning of of Fine Quick Quick Reference) Reference)- - A A sum sum of of money conviction conviction by As As per per Black s Black s Law sum of money paid at the end, to make an end of a transaction, suit, or prosecution. Meaning Meaning of of Penalty Penalty - - As As per per Oxford A A punishment punishment imposed imposed for for breaking contract contract. . Fine - - As As per per Dictionary Dictionary of of Law Law (Oxford (Oxford money that by court court. . that an an offender offender is is ordered ordered to to pay pay on on Law Dictionary Dictionary 4 4th thEdition Edition- -Pg Pg. . No No. . - - A Oxford Dictionary Dictionary- - breaking a a law, law, rule, rule, or or
Basic difference between FINE & PENALTY In In case case penal Proper Proper trial or or tribunal tribunal. . In In case case penal There There is is no law law and and authority penal provisions provisions carry trial or or prosecution prosecution must carry punishment punishment of of Fine must happen happen by Fine - - by the the Court Court penal provisions provisions carry no requirement requirement to to have authority prescribed prescribed can carry Penalty Penalty - - have proper can levy proper trial levy penalty penalty by trial before before court by its its own court of of own. .
Meaning of Default and Offense Meaning Meaning of of Default Pg Pg. . 505 505- - By its derivation, a a failure Assur. Co., C.C.A.Tex., 89 F. 2d 256. An ought ought to to be be done done. Town of Milton v. Bruso, 111 Vt. 82, 10 A. 2d 203, 205. Specifically, Specifically, the the omission omission or or failure legal legal duty duty. Default as as per per Black s Black s Law failure. Meadows v. Continental An omission omission of of that Law Dictionary Dictionary 4 4th thEdition, Edition, that which which failure to to perform perform a a Meaning Meaning of of Offense Pg Pg. . No No. . 1232 1232- - A crime or misdemeanor; a a breach criminal criminal laws laws Offense as as per per Black s Black s Law Law Dictionary, Dictionary, 4 4th thEdition, breach of of the Edition, the Note Note: : Every ingredient ingredient of of default Every default default need default in in it it which need not which has not be be that that much has actually actually harmed much grave harmed the grave which the intention which can intention of of legislature can lead lead to to offense, legislature or or public offense, but but every every offense public at at large large. . offense have have the the
Criminal offences V. Civil Wrong Criminal offences V. Civil Wrong Offences-Punishable with fine Default- Liable to Penalty
COMPOUNDING OF OFFENCES COMPOUNDING OF OFFENCES
Meaning Meaning of of Compound/ per per Black Black Law Law Dictionary 358 358 Compound/ Compounding Compounding- - As Dictionary 4 4th th Edition As No. . Edition- -Pg Pg. . No COMPOUND COMPOUND, v. To compromise COMPOUNDING COMPOUNDING A A Felony having having been been directly will will not not prosecute prosecute him on receipt receipt of of a a reward Felony- - The offense committed by a person and who directly injured injured by a felony, agrees agrees with him, on on condition condition of of the latter s making reparation, or reward or bribe not to prosecute. who he with the the criminal criminal that that he The offense of taking a reward for forbearing to prosecute a felony; as where a party robbed takes his goods again, or other amends, upon an agreement not to prosecute. Rieman v. Morrison.
Changes in Section 441- Section Section 441 offence offence punishable also also with with fine Effective Effective from Section 441(6) Section 441(6)- - Earlier Earlier- - Notwithstanding Notwithstanding anything (a) (a) any any offence offence which which is is punishable imprisonment imprisonment or or fine fine or or with Special Special Court, Court, in in accordance accordance with of of (b) (b) any any offence offence which which is is punishable imprisonment imprisonment and and also Presently Presently- - Notwithstanding anything contained in the Code of Criminal Procedure, Notwithstanding anything contained in the Code of Criminal Procedure, 1973,any offence which is punishable under this Act with imprisonment only or with 1973,any offence which is punishable under this Act with imprisonment only or with imprisonment and also with fine shall not be compoundable. . imprisonment and also with fine shall not be compoundable. . 441( (1 1) ) opening opening paragraph punishable with with imprisonment fine" " has has been been substituted from 9 9th th February, February, 2018 paragraph- - for imprisonment only substituted by 2018 for the the words words fine only, , or or punishable punishable with by Companies Companies (Amendment) fineonly only the the words words "not with imprisonment imprisonment and (Amendment) Act, "not being being an an and Act, 2017 2017 anything contained contained in in the punishable under under this with both, both, shall shall be with the the procedure the Code Code of of Criminal this Act, Act, with with imprisonment be compoundable compoundable with procedure laid laid down down in in that Criminal Procedure, Procedure, 1973 imprisonment or or fine, with the the permission permission of of the that Act Act for for compounding 1973, , with fine, or or with the compounding offences offences; ; only or or with punishable under also with with fine fine shall under this not be be compoundable compoundable. . this Act Act with with imprisonment imprisonment only with shall not Effect Effect of of above fine fine or or imprisonment imprisonment or or both the the case case may may be be. . No punishable punishable with with imprisonment above changes changes- - Now, Now, offences offences punishable both can can be be compounded No permission permission of of special imprisonment or or fine, fine, or or imprisonment punishable with compounded by special court court is is required imprisonment or or fine with fine by Tribunal Tribunal or or Regional required for for compounding compounding offences fine or or with with both both fine only, only, fine fine or or imprisonment, imprisonment, Regional Director, Director, as as offences
Offences which can be compounded under Companies Act, 2013- Offences punishable with Offences punishable with- - 1. Fine 2. Fine or imprisonment 3. Fine or Imprisonment or both Offences which cannot be compounded under Companies Act, 2013- 1. Punishable with imprisonment only, or 2. Punishable with fine and imprisonment
Further changes- Section Section 441 lakh lakh rupees rupees the lakh lakh rupees rupees has ordinance(s), ordinance(s), 2018 by by way way Companies Companies (Amendment) date date- - 02 02nd November, 2018 441( (1 1)(b) )(b)- - For the words words does has been been substituted 2018 & & 2019 2019 and (Amendment) Act, nd November, 2018. . For the the words words does does not substituted initially and lastly lastly inserted Act, 2019 does not not exceed exceed twenty initially by inserted into 2019- - Effective not exceed exceed five twenty- -five five five way Act by way into Act Effective Effect Effect of of such compound compound matters such change change- - Now, matters involving involving fine Now, Regional Regional Director fine upto upto INR Director can INR 25 25 Lacs Lacs. . can
Language Language of of Section Section 441 441( (1 1) )- - Notwithstanding Notwithstanding anything under this Act (whether committed by a company or any officer thereof) 1[not being an offence punishable with imprisonment only, or punishable with imprisonment and also with fine], may, either before or after the institution of any prosecution, be compounded by anything contained contained in in the the Code Code of of Criminal Criminal Procedure, Procedure, 1973 1973 (2 of 1974), any offence punishable (a) the Tribunal; or (b) where the maximum amount of fine which may be imposed for such offence5[4[2[does not exceed twenty-five lakh rupees]]], by the Regional Director or any officer authorised by the Central Government, on payment or credit, by the company or, as the case may be, the officer, to the Central Government of such sum as that Tribunal or the Regional Director or any officer authorised by the Central Government, as the case may be, may specify: Provided that the sum so specified shall not, in any case, exceed the maximum amount of the fine which may be imposed for the offence so compounded: Provided further that in specifying the sum required to be paid or credited for the compounding of an offence under this sub-section, the sum, if any, paid by way of additional fee under sub-section (2) of section 403 shall be taken into account: Provided also that any offence covered under this sub-section by any company or its officer shall not be compounded if the investigation against such company has been initiated or is pending under this Act.
ILLUSTRATIONS ILLUSTRATIONS- - 1. X ltd. was not able to hold its AGM in due time, and held it with a delay of 100 days. Total fine on calculation was coming roughly around 10 lakhs (in total of Company and Officers in default). Who is authorised to Compound the offence, Tribunal or Regional Director? 2. To whom the application for compounding has to be made? - If the estimated fine is INR 24 Lacs? - If the estimated fine is INR 50 lacs?
Language of Section 441(2) Language of Section 441(2) Nothing Nothing in in sub company company or or its which a similar offence committed by it or him was compounded under this section. Explanation. For the purposes (a) any second or subsequent offence committed after the expiry of a period of three years from the date on which the offence was previously compounded, shall be deemed to be a first offence; sub- -section section ( (1 1) ) shall its officer officer within shall apply within a a period apply to to an period of of three an offence offence committed three years years from the date on committed by by a a of this section, (b) RegionalDirector means a person appointed by the Central Government as a Regional Director for the purposes of this Act.
Language of Section 451- Punishment for repeated default If a company or an officer of a company commits an offence punishable either with fine or with imprisonment and where the same offence is committed for the second occasions within a period of three years, then, that company and every officer thereof who is in default shall be punishable with twice the amount of fine for such offence in addition to ANY imprisonment provided for that offence. or subsequent ANY
ILLUSTRATIONS 4. X ltd. held its AGM for the financial year 2016-17, 17-18 and 18- 19 on 30.09.2020 along with AGM of 19-20. Now, company wants to compound the offence for the said three financial years w.r.t delay in AGM. Whether company can do so? If No, why and If yes, How? 5. Whether combined application can be moved for all the three years, or separate application needs to be moved for every year?
Case Laws Case Laws- - Magnon Solutions Pvt. Ltd & Ors V. Registrar of Companies/Pahuja Takii Seed Ltd. & Ors V. Registrar of Companies (NCLT) (2018)- Findings Findings of of NCLT NCLT Where Where the the maximum maximum amount amount of of fine fine does does not compound compound the the matter matter and and not not NCLT NCLT. . Repeated Repeated defaults defaults with with in in three three years years cannot cannot be 441 441( (2 2) ) explanation explanation. . Explanation Explanation of of sub sub- -section section ( (2 2) ) of of Section Section 441 441 where provided provided that that any any second second or or subsequent subsequent offence period period of of three three years years from from the the date date on compounded , compounded , shall shall be be deemed deemed to to be be a a first first offence There There is is no no provision provision for for combined combined application application application can can be be entertained entertained by by this this tribunal tribunal Section Section 451 451 brings brings mandatory mandatory imprisonment imprisonment into imprisonment imprisonment provision provision is is there, there, compounding compounding is is not not exceed exceed five five lakh lakh rupees, rupees, only only RD RD can can be compounded compounded by by virtue virtue of of Section Section where with offence committed committed after on which which the the offence offence . . application and and therefore with regard regard to to that that Section, Section, it it is is after the the expiry expiry of of a a offence was was previously previously therefore no no combined combined into picture picture and not possible possible. . and where where mandatory mandatory
Case Laws Case Laws- - Magnon Solutions Pvt. Ltd & Ors V. Registrar of Companies/Pahuja Takii Seed Ltd. & Ors V. Registrar of Companies (NCLAT) (2018)- Findings Findings of of NCLAT NCLAT where where the the maximum maximum amount amount of of fine fine does does not not exceed by by the the Tribunal Tribunal as as also also by by the the Regional Regional Director Director or or any Government Government . . Tribunal Tribunal is is having having power power to to compound compound any fine fine. . Repeated Repeated defaults defaults with with in in three three years years can can be be clubbed and and combined combined application application is is allowed allowed. . [Section [Section 441 application application is is allowed allowed for for same same offence offence and and same Explanation Explanation of of sub sub- -section section ( (2 2) ) of of Section Section 441 provided provided that that any any second second or or subsequent subsequent offence offence committed three three years years from from the the date date on on which which the the offence offence was deemed deemed to to be be a a first first offence offence . . It It is is apparent apparent that that unless unless previously previously the the offence offence has higher higher punishment punishment as as contemplated contemplated under under Section Section 451 Imprisonment Imprisonment in in case case of of Company Company is is not not possible possible and of of the the competent competent court court. . It It is is not not mandatory mandatory to to impose implies implies the the discretionary discretionary power power of of court court. . exceed five five lakh lakh rupees, any officer officer authorised any offence offence irrespective rupees, can authorised by irrespective of of the can be be compounded compounded by the the Centra the limit Centra; ; limit of of clubbed for 441 read same facts facts only 441 where where with committed after was previously for compounding compounding in in one read with with Section Section 451 only. . with regard regard to to that after the previously compounded , compounded , shall one application, application, 451] ]. . Combined Combined that Section, Section, it it is is the expiry expiry of of a a period period of of shall be be has been been compounded , compounded , the 451 would would not not get and in in case case of of officer officer it it is is the impose imprisonment imprisonment. . Usage the rigour rigour of of get attracted attracted. . the discretion discretion Usage of of word word any any
Who will Compound? Offence punishable with Offence punishable with Fine Only- NCLT, RD or Both? NCLT, RD or Both? By Tribunal/RD/any other authority appointed by CG Fine or Imprisonment- NCLT, RD or Both? NCLT, RD or Both? Fine is Fine is upto upto 25 Lacs 25 Lacs- - then? then? Fine is more than 25 Lacs Fine is more than 25 Lacs- - the? the? By Tribunal Fine or Imprisonment or both- NCLT, RD or Both? NCLT, RD or Both? By Tribunal Fine and Imprisonment- NCLT, RD or Both? NCLT, RD or Both? Not Compoundable under Companies Act, 2013 Imprisonment only- NCLT, RD or Both? NCLT, RD or Both? Not Compoundable under Companies Act, 2013
Further queries Where Where to to move petition? petition? move an an application application for for Compounding? Compounding? What What authority authority you you address address while while drafting drafting your your Do Do you you calculate calculate quantum quantum of of fine fine and and decide decide accordingly accordingly and and address address application application to to RD RD or or NCLT? NCLT? Answer Answer- - Language Language of of Section Section 441 441( (3 3)(a) )(a)- - Every application for the compounding of an offence shall same, together with his comments thereon, to the Tribunal or the Regional Director or any officer authorized by the Central Government, as the case may be. shall be be made made to to the the Registrar Registrar who shall forward the Rule Rule 88 of of the the Act section 140, 221, sub-section (2) of section 224, sub-section (5) of section 224, sub-section (2) of section 241 of the Act, or reference under sub-section (2) of section 75 or any complaint by any person under sub-section (1) of section 222, or any reference by a company under clause (c) of sub-section (4) of section 22A of the Securities Contracts (Regulations) Act, 1956 shall application application in in Form Form No No. . NCLT NCLT- - 9 9 in Annexure A and shall be accompanied by documents mentioned in Annexure-B. 88 of of NCLT Act, or any reference to the Tribunal by the Central Government under proviso to sub-section (5) of NCLT Rules Rules- - Any Any reference reference to to the the Tribunal Tribunal by by the the Registrar Registrar of of Companies Companies under section section 441 441 shall be be made made by by way way of of a a petition petition or or
FURTHER ILLUSTRATIONS Whether Whether compounding compounding application application can can be be rejected? rejected? In In what what circumstances? circumstances? or or Whether Whether compounding compounding is is possible possible if if SFIO, SFIO, ED ED or or any any other s other s department department proceeding proceeding is is pending? pending? Reebok Reebok India done done due due to to bonafide prosecution prosecution of of the India Co Co. . ( (2017 2017) ) NCLT, bonafide omission the director, director, the NCLT, New omission and the MD New Delhi and offences offences committed, MD cannot cannot be be entitled Delhi Bench Bench- - Where committed, if if compounded entitled to to avail Where the the defaults defaults by compounded would avail compounding compounding of of offences by MD MD were would demolish demolish and offences. . were incurable incurable and and not prejudice not and prejudice Subhinder Subhinder Singh because because SFIO Singh Prem SFIO and and court Prem V V. . Union court case Union of of India case is is pending pending does India (NCLAT) (NCLAT) ( (2017 does not 2017) )- - Managing Managing Director not mean mean Compounding Compounding cannot Director of of Reebok cannot be Reebok India be done done. . India Co Co. .- - Merely Merely Note Note- - Now in the present scenario if investigation is is pending is not possible. pending under under Companies Companies Act, Act, 2013 2013 compounding Whether Whether compounding compounding order order passed passed by by RD RD or or NCLT NCLT can can be be challenged? challenged? Where Where to to challenge? challenge?
When Compounding is not possible- 1. In case offence is punishable with imprisonment only 2. In case offence is punishable with imprisonment and fine both 3. In case investigation is pending in the Company under this this Act Act, and 4. In case similar offence has been compounded in last three years.
Pre Pre- -requisite requisite for application application- - for filing filing any any compounding compounding MAKING OF OFFENCE GOOD MAKING OF OFFENCE GOOD CONTINUING OFFENCE ONE TIME OFFENCE [For example : Offence of not conducting Secretarial Audit. Offence if made good in subsequent year will suffice the purpose] [Offence needs to be made good, mandatorily]
CONDONATION OF DELAY CONDONATION OF DELAY
Language of Section 460- Notwithstanding anything contained in this Act, Notwithstanding anything contained in this Act, (a) where where any under any provision of this Act in respect of any matter is not made within the time specified therein, that Government may, for reasons to be recorded in writing, condone the delay; and any application application required to be made to the Central Government (b) where any document required to be filed with the Registrar under any provision of this Act is not filed within the time specified therein, the Central Government may, for reasons to be recorded in writing, condone the delay.
Queries 1. Whether company not able to make condonation application under Section 87, can make an application under Section 460 to Central Government for condonation of delay? 2. What are the obligations on Central Government before approving and rejecting any application? 3. Whether condonation means non-compliance has been legally forgiven?
ADJUDICATION OF PENALTIES ADJUDICATION OF PENALTIES
Meaning of Adjudication Meaning of Adjudication Adjudication is the process by which the Authority imposes the penalty on the non-compliance after examining your data and information filed with them and giving you reasonable opportunity of being heard.
What show cause notice must contain? What show cause notice must contain? Rule 3 sub-rule (2) read with sub-rule (3) of Companies (Adjudication of Penalties) Rules, 2014 states that every notice shall detail out about the- Nature of non-compliance or default under the Act, Relevant penal provisions of the Act, Maximum penalty which can be imposed on the company, and each of the officers in default, or the other person Must state the time period to show cause. [Minimum 15 days and Maximum 30 days]
Language of SCN w.r.t serving of notice- WHEREAS the Company is also directed to serve a copy of the said notice to the directors/KMPs and this notice will be treated as deemed to have been served upon every officers in default of the company in terms of section 20 of the Companies Act. 2013.
Reasonable Opportunity of being heard Reasonable Opportunity of being heard Rasik Rasik Lal provided in proper spirit and mere compliance would not satisfy the requirement of law. Lal V V. . CWT CWT (ITR) (ITR) Opportunity of being heard must be Union Union of of India does not supplant the law rather supplement it. If the provisions can be read with rules of natural justice, court must do it, but where it has been specifically excluded, it cannot be read as such with provisions. India V V. . Col Col. . J J. .N N. . Sinha Sinha (SC) (SC) Rule of natural justice
Points to be considered while passing an order [Rule 3(12)] Size of the Company nature of business carried on by the company injury to public interest nature of the default repetition of the default the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default the amount of loss caused to an investor or group of investors or creditors as a result of the default
Proviso to Rule 3(12) Proviso to Rule 3(12)- - IN NO CASE IN NO CASE- - the penalty imposed shall not be less than the minimum penalty prescribed RULE 3(13) RULE 3(13) In case a fixed sum of penalty is provided for default of a provision, the adjudicating officer shall impose that fixed sum, in case of any default therein
Process of Adjudication and Appeal against Process of Adjudication and Appeal against the Order of Adjudicating Authority the Order of Adjudicating Authority
Issuance of SCN Maximum 30 days Minimum 15 days Submission of Reply [Rule 3(4)]- to be made online only Seeking Oral Representation [Rule 3(5)] Reply to SCN SHALL (MANDATORY) UNSATISFACTORY SATISFACTORY IN 30 DAYS Adjudication Adjudication STOPS STOPS MAY MAY fix date for hearing/appearance Within 10 days of Reply notice to be issued intimating date of hearing/appearance On the date of hearing, representation to be made before the Authority 90 Days from notice PASS REQUISITE ORDER
ORDER TO BE PASSED BY ADJUDICATING AUTHORITY MUST BE IN WRITING DULY DATED AND SIGNED AND MUST PARTICULARLY STATE THE REASON FOR PHYSICAL APPEARANCE, IF DONE In 90 days of receipt of Order In 60 days of receipt of Order If Aggrieved COMPLY WITH THE ORDER APPEAL TO RD CONFIRMING MODIFYING SETTING ASIDE
Difference between Adjudication and Compounding ADJUDICATION ADJUDICATION COMPOUNDING COMPOUNDING CONDONATION CONDONATION It is merely for getting authority to file forms with delay It will always be Civil wrong only It can be both Civil Wrong or Criminal Wrong Subsequent Adjudication in less than 3 years of same default is allowed Minimum 3 years shall elapsed between two offences of same nature NOT APPLICABLE NOT APPLICABLE Liable to Penalty Punishable with Fine NOT APPLICABLE Penalty Compounding Fee Started by Authority Suo Moto Suo-moto Non Non- -compliance still remains there, except for non compliance still remains there, except for non- - filing filing No more non-compliance No more non-compliance
WHAT IS MCA-CMS? MCA-CMS stands for Ministry of Corporate Affairs Compliance Monitoring System which is a move of ministry towards the adoption of ARTIFICIAL INTELLIGENCE by which the government will be doing scrutiny of your act done.
HOW TO MAKE REPLY TO MCA-CMS SCN? THOUGHT PROCESS Interpretation of law as per you, Limitation Act, Request for representation, Deny the offence in case it has not actually occurred, Alternate Options, if available, Whether form on the basis of which SCN is issued is STP or processed through Approval Mode?, and Officers in default
WHAT IF YOU DONT REPLY TO SCN TO NOTICES U/S 96 AND 204 NOW?
Section 99- If any default is made in holding a meeting of the company in accordance with section 96 or section 97 or section 98 or in complying with any directions of the Tribunal, the company and every officer of the company who is in default shall be PUNISHABLE PUNISHABLE WITH WITH FINE FINE which may extend to one lakh rupees and in the case of a continuing default, with a further fine which may extend to five thousand rupees for every day during which such default continues.
Language of SCN Language of SCN- - NOW IN THE VIEW OF what is stated herein above, the company and every officer in default of the company as the case may be, are hereby called upon to show cause as to why penal action under the provision of section 204(4) of the Companies Act 2013 should not be taken against them for default in annexing Secretarial Audit report with the board s report for 2017
Section 204(4) Section 204(4)- - If a company or any officer of the company or the company secretary in practice, contravenes the provisions of this section, the company, every officer of the company or the company secretary in practice, who is in default, shall be PUNISHABLE shall not be less than one lakh rupees but which may extend to five lakh rupees PUNISHABLE WITH WITH FINE FINE which Presently- (4) If a company or any officer of the company or the company secretary in practice, contravenes the provisions of this section, the company, every officer of the comapny or the company secretary in practice, who is in default, shall be rupees]. 1[liable to a penalty of two lakh
QUERIES QUERIES
THANK YOU. Faridabad CS SANTOSH PANDEY CS SANTOSH PANDEY S S- -5, 2 5, 2nd 13, Sector 13, Sector- -5, Dwarka, New Delhi 5, Dwarka, New Delhi- -110075 ndFloor, Manish Mega Plaza, Plot No. Floor, Manish Mega Plaza, Plot No. 110075 9999202268, 7417271727 9999202268, 7417271727 info@spcounsels.com info@spcounsels.com, , pcs.santosh07@gmail.com pcs.santosh07@gmail.com www.spcounsels.com www.spcounsels.com
