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??
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section 594
Replies (3)
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
so der is no limit? and how long can the company continue to contravene before a winding up order is given
Hi Sneha,
Yes, there is no limit of penalty under Section 598
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