Penalty amp expenses under section 100 of Companies Act
12/09/2024 Financial & Legal Services
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Description
Expenses incurred by the requisitions for convening a meeting where the board has failed to do so shall be reimbursed by the company. These reimbursed expenses will be removed from the pay of directors who were at fault, as per Section 197, which does not apply to private companies. No penalty is specified for violating this section. So, section 450 will apply. The company and its officers may be fined up to Rs. 10,000 for violating this section, with a daily fine of Rs. 1,000 for ongoing violations. Violations by the company and officers, punishable by fines only, can be settled under section 441.
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Nikita Patel
Individual
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