The Companies Act, 2013
Chapter-XI Appointment and Qualifications of Directors
1[Section 159: Penalty for default of certain provisions.
*159. If any individual or director of a company makes any default in complying with any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be liable to a penalty which may extend to fifty thousand rupees and where the default is a continuing one, with a further penalty which may extend to five hundred rupees for each day after the first during which such default continues.]
Reference
*Effective from 01.04.2014.
1. Substituted by the Companies (Amendment) Act, 2019, w.e.f. 02.11.2018, for the Section:
“Section 159: Punishment for contravention.
159. If any individual or director of a company, contravenes any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to fifty thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues.”
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