Section 450: Punishment where no specific penalty or punishment is provided
This section is for punishing companies or individuals who break the rules of this Act when no other penalty is specified.
Penalty
If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be 1[liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of on thousand rupees for each day after the first during which the contravention continue, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person].
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. Ins. by Act 1 of 2018, s. 92 (w.e.f. 9-2-2018).
- 2. The proviso ins. by s. 92, ibid. (w.e.f. 9-2-2018).
- 3. Subs. by Act 22 of 2019, s. 41, for “twenty lakh rupees” (w.e.f. 2-11-2018).
- 4. Subs. by Act 29 of 2020, s. 63, for certain words (w.e.f. 21-12-2020).
- 1. Ins. by Act 29 of 2020, s. 64 (w.e.f. 22-1-2021).
- 2. Subs. by Act 22 of 2019, s. 42, for sub-section (3) (w.e.f. 2-11-2018).
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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.