a foreign company has been contravening Section 394 for the past 4 years due to ignorance of the law. Penalty under Section 598 states a maximum of Rs.10,000 and for continuing default Rs. 1000 per day. What is the maximum limit for this continuing default? or can the penalty go upto any amount??
3 Replies
Manish Soni
(CA , CS)
(828 Points)
Replied 17 July 2009
According to sec 598 in case of continuing offence, ADDITIONAL fine may extend to Rs.1000/- per day during which the default continues,,,,,,,,,,,
so max penalty for continuing offence can go upto any limit......
Regards,
CS Manish Soni
sneha
(student)
(30 Points)
Replied 17 July 2009
so der is no limit? and how long can the company continue to contravene before a winding up order is given
kamaljeet
(C.S)
(51 Points)
Replied 18 July 2009
Hi Sneha,
Yes, there is no limit of penalty under Section 598
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