Borrowing power

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Yogesh Bende

Yogesh Bende (Querist)
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29 November 2012 What is the penalty for violation of section 293 (1) (d) of the Companies Act, 1956?

Ajay Mishra

Ajay Mishra (Expert)
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30 November 2012 Hi

Penalty will cover under section 629A of the Companies Act, 1956.

Ajay Mishra

Ajay Mishra (Expert)
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30 November 2012 If a company or any other person contravenes any provision of the Companies Act, for which no specific punishment is provided elsewhere in this Act or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, the company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to Rs. 5,000 and where the contravention is a continuing one, with a further fine, which may extend to Rs. 500 for every day after the first during which the contravention continues.

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