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default under section 78

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(Querist)
18 June 2009 Sir i want to know what is a penalty, if a comapny has made default in useing securties premium for other then the specified use
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Ankur Garg

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Ankur Garg (Expert)
18 June 2009 Hi,

No penalty has been specifically provided in the section for the violation. hence, the company and every officer, who is in default, shall be punishable under section 629A.

Go through the language of Section 629A.

The offence, however, is compoundable under section 621A.

Regards
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Mohit Garg

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Mohit Garg (Expert)
18 June 2009 Agree with the expert
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