I want to know the Liability on Non Compliance of Section 314 of Companies Act 1956
If Non-Compliance is pending from 2004 onward how match interest & Penalty is payable for non compliance of Section 314 of companies act
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Section 314 companies act 1956
Replies (2)
First, person has to vacate office and refund the company what ever the amount received by him by holding place or office of profit from 2004 and then file petition with CLB for compounding of offence under section 314.
First of all the person has to vacate the office or place of profit held by him
he has to refund the remuneration received by him.
As Sec 314 has no spl provisions for contravention , hence sec 629 A will apply. where the defaulting person has to pay 5000. And 500/day till the default continues.
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