Penalties

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CA Manik Setpal (Querist)
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02 October 2014 What is the penalty to company according to.Company's Act 2013 if annual returns are not filled in time..??? Are there any seperate Penalty provisions for directors..???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 October 2014 Refer Section 92(5) and 92(6) of Companies Act 2013.

Section 92(5) : If a company fails to file its annual return under sub-section (4), before the expiry of the period specified under section 403 with additional fee, the company shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to five lakhs 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 fifty thousand rupees but which may extend to five lakh rupees, or with both.

92(6) : If a company secretary in practice certifies the annual return otherwise than in conformity with the requirements of this section or the rules made thereunder, he shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 October 2014 Also see article from below link:

https://www.caclubindia.com/articles/the-companies-act-2013-provisions-relating-to-annual-return-18455.asp#.VC1qSPmSzUs

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