The company and every officer of the company who is in default and such other person, who contravenes any of the provisions of the Disqualification Rules, shall be punishable with fine up to Rs.5000 and a further fine upto Rs. 500 per day of continuing contravention.
RULE 11. Punishment for contravention of the rules.- If a company or any other person contravenes any provision of these rules for which no punishment is provided in the Companies Act, 1956, the company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to five 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.
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