Section 159: Penalty for default of certain provisions
This section imposes a penalty of up to fifty thousand rupees on individuals or directors who default on certain company provisions, with an additional daily penalty of up to five hundred rupees for ongoing defaults.
Penalty
If any individual or director of a company makes any default in complying with any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be liable to a penalty which may extend to fifty thousand rupees and where the default is a continuing one, with a further penalty which may extend to five hundred rupees for each day after the first during which such default continues.]
The section, clause by clause
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Subs. by Act 22 of 2019, s. 25, for section 159 (w.e.f. 2-11-2018).
- 2. The proviso ins. by Act 1 of 2018, s. 50 (w.e.f. 9-2-2018).
- 3. Ins. by Act 1 of 2018, s. 51 (w.e.f. 9-2-2018).
- 4. The words “In the case of a public company,” omitted by s. 51, ibid. (w.e.f. 9-2-2018).
This section refers to
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.