Section 99: Punishment for default in complying with provisions of sections 96 to 98
This section punishes companies and officers for failing to comply with meeting requirements with a fine of up to one lakh rupees and an additional five thousand rupees for each day of continuing default.
Penalty
If any default is made in holding a meeting of the company in accordance with section 96 or section 97 or section 98 or in complying with any directions of the Tribunal, the company and every officer of the company who is in default shall be punishable with fine which may extend to one lakh rupees and in the case of a continuing default, with a further fine which may extend to five thousand rupees for every day 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. Ins. by Act 1 of 2018, s. 27 (w.e.f. 9-2-2018).
- 2. The proviso subs. by s. 28, ibid., (w.e.f. 9-2-2018).
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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.