Question

Section 99 of the Companies Act, 2013 provides that if any default is made in complying or holding a meeting of the company, the company and every officer of the company who is in default shall be punishable with fine which may extend to Rs._____and in case of continuing default, with a further fine which may extend to Rs. ______for each day during which such default continues.

• A. 10 lakh; 50,000
• B. 5 lakh; 25,000
• C. 2 lakh; 10,000
• D. 1 lakh; 5,000

Answer 1

The correct option is D 1 lakh; 5,000

Section 99 of the Act provides for punishment in case of non-compliance of holding meetings under section 96 or section 97 or section 98 or in non-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 continue.