Section - 159, Penalty for default of certain provisions (CA, 2013)
Section - 159, Penalty for default of certain provisions (CA, 2013)
Chapter XI Appointment and Qualifications of Directors
*1*[Penalty for default of certain provisions.
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.
Notes:-
*1*. Subs. by Act 22 of 2019, s. 25, for section 159 (w.e.f. 2-11-2018).
