Hi everyone,
could you please tell me the difference between fine and penalty with an example in respect to companies act 2013
thank you in advance
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Fine vs penalty
Replies (8)
Fine is a sum of money exacted as a penalty by a court of law or other authority.
Penalty is a punishment imposed for breaking a law, rule, or contract.
Penalty is a punishment imposed for breaking a law, rule, or contract.
[6] If a person accepts an appointment as a director in contravention of sub-section [1], he shall be punishable with fine which shall not be less than five thousand rupees but which may extend to twenty-five thousand rupees for every day after t
he first during which the contravention continues
why, fine is there instead of penalty
he first during which the contravention continues
why, fine is there instead of penalty
Yoga Ji - In your case -The default is continuing intentionally -So the penalty is imposed.
If not intentionally did, then penalty is used right
thank you sir
thank you sir
Yes..
Read the below blog for details answer:
https://www.csdiveshgoyal.info/2019/08/difference-between-fine-penalty.H T M L
Fine is imposed by court, while penalty is imposed by adjudicating authority (like 234 type of penalties in IT form), for compounding one has to knock the door of court for fine cases, while not in case of penalty, 2020 amendment of companies act, 2013 decreminalize many provision of the act....
Detailed article of mine on same topic published on ca club india also. you can refer that for detail.
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