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Violation of Sec.316

This query is : Resolved 
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(Querist)
07 October 2009 Hi,

Can any body let me know the consequences of violation of sec.316 of Companies Act.

If prior approval of central govt is not obtained for appointment of a person as a MD/manager in more than TWO Public companies, what are the consequences..
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Ankur Garg

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Ankur Garg (Expert)
07 October 2009 Hi,

Since no penalty is provided by section 316 for violation of its provision, the penalty of section 629A becomes applicable.

Regards
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