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.

If any individual or director2(34) Director means a director appointed to the Board of a company of a company2(20) Company means a company incorporated under this Act or under any previous company law, contravenes any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to fifty thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues.

Enforcement Notification S.O. 902(E) dated 26/03/2014

The Companies (Amendment) Act, 2019 dated 31.07.2019

The Companies (Amendment) Ordinance, 2018 dated 02.11.2018 [repealed vide the Companies (Amendment) Ordinance, 2019]

The Companies (Amendment) Ordinance, 2019 dated 12.01.2019 w.e.f., 02.11.2018