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What are consequences and penalties of failure to appoint cs

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18 July 2012 Dear Friends,
What are consequences and penalties of failure to appoint CS.
Paid up Capital is 5 Crore or Above.
Please reply asap.
Thanks and Regards
Lokesh Gandhi
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CS Divya Sorayan

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CS Divya Sorayan (Expert)
19 July 2012 Under section 383A (1A)of Companies Act, 1956, If a company fail 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 5[five hundred rupees] for every day during which the default continues:

Provided that in any proceedings against a person in respect of an offence under this sub-section, it shall be a defence to prove that all reasonable efforts to comply with the provisions of sub-section (1) were taken or that the financial position of the company was such that it was beyond its capacity to engage a whole-time secretary.]
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