Dear Experts,
To the best of my knowledge, there are no specific penalty for defaulting the obligation to appoint a resident director in a private limited company under s. 149(3) of the Companies Act, 2013.
My view on this is therefore that s. 172, which provides for a fine between 50,000 and 5 lakhs rupees to the company and every officer in default.
Would you agree with this?
Thank you very much in advance
CAclubindia
