Companies Act Section 99 — Punishment for default in complying with provisions of sections 96 to 98
CHAPTER VII MANAGEMENT AND ADMINISTRATION
Commercial / Corporate
Summary
If a company fails to hold a meeting as required under sections 96, 97, or 98, or fails to follow any directions given by the Tribunal in this regard, then both the company itself and every officer of the company who is responsible for the default can be penalised. The penalty is a fine that can go up to one lakh rupees. If the default continues after that, an additional fine of up to five thousand rupees can be imposed for each day the default continues.
Official Text
If any default is made in holding a meeting of the company in accordance with section 96 or section 97 or section 98 or in complying with any directions of the Tribunal, the company and every officer of the company who is in default shall be punishable with fine which may extend to one lakh rupees and in the case of a continuing default, with a further fine which may extend to five thousand rupees for every day during which such default continues.