📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      In case a company makes a default in transferring shares

      to the IEPF Fund, such company shall be liable for a penalty of __________________
      A One lakh rupee Correct Answer Incorrect Answer
      B One lakh rupee, subject to a maximum of ten lakh rupees Correct Answer Incorrect Answer
      C One lakh rupee, if continuing failure, further penalty of five hundred rupees for each day, subject to a maximum of ten lakh rupees Correct Answer Incorrect Answer
      D Not be less than five lakh rupees but may extend to twenty-five lakhs rupees Correct Answer Incorrect Answer
      E Not be less than ten lakh rupees but may extend to twenty-five lakhs rupees Correct Answer Incorrect Answer

      Solution

      As per section 124 (7) of the Companies Act, 2013, if a company fails to comply with any of the requirements of this section, such company shall be liable to a penalty of one lakh rupees and in case of continuing failure, with a further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of ten lakh rupees and every officer of the company who is in default shall be liable to a penalty of twenty-five thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of two lakh rupees   Snapshoot - Topic covered in Amendment Notes of SEBI Course Legal ixamBee

      Practice Next
      More Administrative Interpretation and Maxims Questions

      Relevant for Exams:

      ask-question