Fine vs penalty

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.

[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

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

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.