Lawgist86Punishment for contravention
1[(1)] If any company contravenes any provision of this Chapter, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to ten lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees, or with both.
2[(2) If any person willfully furnishes any false or incorrect information or knowingly suppresses any material information, required to be registered in accordance with the provisions of section 77, he shall be liable for action under section 447.]
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1. Section 86 numbered as sub-section (1) thereof by Act 22 of 2019, s.12 (w.e.f. 2-11-2018).
2. Ins. by s. 12, ibid. (w.e.f. 2-11-2018).
- 77 Duty to register charges, et
- 78 Application for registration of charg
- 79 Section 77 to apply in certain matters
- 80 Date of notice of charge
- 81 Register of charges to be kept by Registrar
- 82 Company to report satisfaction of charg
- 83 Power of Registrar to make entries of satisfaction and release in absence of intimation from company
- 84 Intimation of appointment of receiver or manager
- 85 Company‘s register of charges
- 86 Punishment for contravention
- 87 Rectification by Central Government in Register of charges
