The Companies Act, 2013
Chapter– XXIX Miscellaneous
Section 450: Punishment where no specific penalty or punishment is provided.
*450. If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be 1[liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of one thousand rupees for each day after the first during which the contravention continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person].
*Effective from 12.09.2013.
1. Substituted by the Companies (Amendment) Act, 2020, w.e.f. 21.12.2020[S.O. 4646(E) dated 21.12.2020], for the words “punishable with fine which may extend to ten thousand rupees, and where the contravention is continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which the contravention continues“.
IBC Laws specifically does not make any warranties or representations as to the accuracy, completeness or adequacy of any such Material or the same being up-to-date. IBC Laws periodically updates the Material on this Site whenever amendments are made by Parliament. Refer disclaimer here.