Punishment for contravention.86.[ (1) If any company is in default in complying with any of the provisions of this Chapter, the company shall be liable to a penalty of five lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees. ][(2) If any person wilfully furnishes any false or incorrect information or knowingly suppresses any material information, required to be registered in accordance with the provisions of section 77, he shall be liable for action under section 447.]
55. Corresponds to section 142 of the 1956 Act.
56. Enforced with effect from 12-9-2013.
57. Substituted by the Companies (Amendment) Act, 2020, with effect from a date yet to be notified. Prior to its substitution, sub-section (1), as amended by the Companies (Amendment) Act, 2019, w.r.e.f. 2-11-2018, read as under :"(1) If any company contravenes any provision of this Chapter, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to ten lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees, or with both."
58. Inserted by the Companies (Amendment) Act, 2019, w.r.e.f. 2-11-2018.
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