Question
What is the penalty for the contraventions for which no
specific penalty is defined in the Companies Act 2013?Solution
As per section 450 of the Companies Act, 2013 -Â 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 for which no specific penalty is not defined in this Act, other person shall be 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.
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