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contravention of sec 383-A OF THE COMPANIES ACT

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(Querist)
25 November 2008 WHAT IS THE CONSEQUENCES FOR DEFALT
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 November 2008 383 (1A) gives the answer, means co and every officer in default shall be punishable with fine which may extend to Rs 5000/- per day during which the default continues.
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CS Yogesh Sachdeva

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CS Yogesh Sachdeva (Expert)
02 December 2008 As per Section 383A(1A) Penalty is Rs. 500 per day and not Rs. 5000/- :-

If a company fails to comply with the provisions of sub-section (1), the company and every officer of the company who is in default, shall be punishable with fine which may extend to five hundred rupees for every day during which the default continues.
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