Punishment u/s 147, companies act, 2013

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Guest

Guest (Querist)

27 October 2014 Are penalties u/s 147 in addition to punishments under respective sections; that it covers?

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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27 October 2014 If any of the provisions of sections 139 to 146 (both inclusive) is contravened,
the company shall be punishable with a fine and imprisonment as prescribed therein. Note that there is no specific penalty prescribed in Section 139 to 146 for its contravention

Guest

Guest (Querist)

27 October 2014 Yes sir, but in section 143(15) there is fine prescribed on auditors (failure in reporting fraud). Please clarify!

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CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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27 October 2014 Fine prescribed under section 143(15)is for auditor, cost accountant or company secretary in practice do not comply with the provisions

wheras fine precribed under section 147 is on company and every officer of the company in default.

Guest

Guest (Querist)

27 October 2014 But in 147(2), it is for auditors?

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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28 October 2014 According to my view, there can't be punishment for contravention of same section twice.

Section 143(15)punishment is related to failure to report fraud by auditor whereas section 147 is related to other matters specified in section 139 to 146

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