Penalty.279. Any person who holds office, or acts, as a director of more than [fifteen] companies in contravention of the foregoing provisions shall be punishable with fine which may extend to [fifty] thousand rupees in respect of each of those companies after the first [fifteen].
97. Substituted for "twenty" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000.
98. Substituted for "five" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000.
.... To read the full section download the app from Google Play store
CAclubindia
