As per Section 172 of the Companies Act 2013, if a company contravenes any of the provisions of this Chapter and for which no specific punishment is provided therein, the company and every officer of the company who is in default shall be punishable with fine of ____ rupees and in case of continuing failure, with a further penalty of _____ rupees for each day during which such failure continues

This is important section because government has suggested a changes in this section in Companies Amendment Act 2020. The suggested changes are as follows: Section 172: If a company is in default in complying with any of the provisions of this Chapter and for which no specific penalty or punishment is provided therein, the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees, and in case of continuing failure, with a further penalty of five hundred rupees for each day during which such failure continues, subject to a maximum of three lakh rupees in case of a company and one lakh rupees in case of an officer who is in default.