Companies Act Section 392 — Punishment for contravention
CHAPTER XXII COMPANIES INCORPORATED OUTSIDE INDIA
Commercial / Corporate
Summary
This section deals with penalties for a foreign company that breaks the rules of this Chapter, and it applies in addition to any punishment under section 391. If a foreign company violates these provisions, it will have to pay a fine of at least one lakh rupees, and this fine can go up to three lakh rupees. If the violation continues day after day, the company will also face an extra fine of up to fifty thousand rupees for each day the violation continues after the first day.
Additionally, every officer of the foreign company who is responsible for the default will also be punished. Such an officer will have to pay a fine of at least twenty-five thousand rupees, and this fine can go up to five lakh rupees.
Official Text
Without prejudice to the provisions of section 391, if a foreign company contravenes the provisions of this Chapter, the foreign company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees and in the case of a continuing offence, with an additional fine which may extend to fifty thousand rupees for every day after the first during which the contravention continues and every officer of the foreign company who is in default shall be punishable 2*** with fine which shall not be less than twenty-five thousand rupees but which may extend to 3[five lakh rupees].