Companies Act Section 450 — Punishment where no specific penalty or punishment is provided
CHAPTER XXIX MISCELLANEOUS
Commercial / Corporate
Summary
This section applies when a company, its officer, or any other person breaks any rule under this Act, or fails to follow any condition, limit, or restriction attached to an approval, sanction, consent, confirmation, recognition, direction, or exemption granted for any matter, and no other specific penalty is already provided elsewhere in the Act for that violation.
In such a case, the company, every officer of the company who is in default, or the other person responsible will have to pay a penalty of ten thousand rupees. If the contravention continues, an additional penalty of one thousand rupees will be charged for each day after the first day of the contravention, but this daily penalty is capped at a maximum of two lakh rupees for a company and fifty thousand rupees for an officer in default or any other person.
Official Text
If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be 1[liable to a penalty of ten thousand rupees, and in case of continuing contravention, with a further penalty of on thousand rupees for each day after the first during which the contravention continue, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default or any other person].