Punishment for contravention.392. Without prejudice to the provisions of section 391, if a foreign company contravenes the provisions of this Chapter, the foreign company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees and in the case of a continuing offence, with an additional fine which may extend to fifty thousand rupees for every day after the first during which the contravention continues and every officer of the foreign company who is in default shall be punishable [***] with fine which shall not be less than twenty-five thousand rupees but which may extend to [five lakh rupees].
45. Corresponds to sections 598, 606 and 607 of the 1956 Act.
46. Enforced with effect from 1-4-2014.
46a. Words "with imprisonment for a term which may extend to six months or" omitted by the Companies (Amendment) Act, 2020, with effect from a date yet to be notified.
46b. Substituted for "five lakh rupees, or with both" by the Companies (Amendment) Act, 2020, with effect from a date yet to be notified.
.... To read the full section download the app from Google Play store
CAclubindia
