S.no.

Section

Matters

Fines/ Penalties/Prosecutions

1.

Section 447

Without prejudice to any liability including repayment of any debt under this Act or any other law for the time being in force, any person who is found to be guilty of fraud involving an amount of at least ten lakh rupees or one per cent. of the turnover of the company, whichever is lower

Imprisonment of six months to ten years and Fine of amount involved in the fraud, up to three times the amount involved in the fraud: [Provided that where the fraud in question involves public interest, the term of imprisonment shall not be less than three years.]

2.

Section 448

Save as otherwise provided in this Act, if in any return, report, certificate, financial statement, prospectus, statement or other document required by, or for, the purposes of any of the provisions of this Act or the rules made thereunder, any person makes a statement, — (a) which is false in any material particulars, knowing it to be false; or (b) which omits any material fact, knowing it to be material

The person shall be liable under Section 447.

3.

Section 449

Save as otherwise provided in this Act, if any person intentionally gives false evidence- (a) upon any examination on oath or solemn affirmation, authorised under this Act; or (b) in any affidavit, deposition or solemn affirmation, in or about the winding up of any company under this Act, or otherwise in or about any matter arising under this Act

The person shall be punishable with imprisonment for a term which shall not be less than three years but which may extend to seven years and with fine which may extend to ten lakh rupees.

4.

Section 450

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

For company and every officer in default of the company ten thousand rupees, and in case of continuing contravention, one thousand rupees for each day up to two lakh rupees in case of a company and fifty thousand rupees in case of an officer in default or any other person.

5.

Section 451

If a company or an officer of a company commits an offence punishable either with fine or with imprisonment and where the same offence is committed for the second or subsequent occasions within a period of three years, then

That company and every officer thereof who is in default shall be punishable with twice the amount of fine for such offence in addition to any 13 imprisonment provided for that offence.

6.

Section 452(1)

If any officer or employee of a company— (a) wrongfully obtains possession of any property, including cash of the company; or 223 (b) having any such property including cash in his possession, wrongfully withholds it or knowingly applies it for the purposes other than those expressed or directed in the articles and authorised by this Act

He shall, on the complaint of the company or of any member or creditor or contributory thereof, be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.

Section 452(2)

Punishment for withholding of property

The Court trying an offence under sub section (1) may also order such officer or employee to deliver up or refund, within a time to be fixed by it, any such property or cash wrongfully obtained or wrongfully withheld or knowingly misappliedThe benefits that have been derived from such property or cash or in default, to undergo imprisonment for a term which may extend to two years.

7.

Section 453

If any person or persons trade or carry on business under any name or title, of which the word ―Limited or the words ―Private Limited or any contraction or imitation thereof is or are the last word or words, that person or each of those persons shall, unless duly incorporated with limited liability, or unless duly incorporated as a private company with limited liability, as the case may be

Shall be punishable with fine which shall not be less than five hundred rupees but may extend to two thousand rupees for every day for which that name or title has been used.

8.

Section 454(8)(i)

Where company fails to comply with the order made under sub-section (3) or sub-section (7) of sec 454, as the case may be within a period of ninety days from the date of the receipt of the copy of the order

The company shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to five lakh rupees.

Section 454(8)(ii)

Where an officer of a company or any other person who is in default does not pay the penalty within a period of ninety days from the date of the receipt of the copy of the order

Such officer shall be punishable with imprisonment up to six months or fineof twenty-five thousand rupees to one lakh rupees, or with both.

9.

Section 454A

Where a company or an officer of a company or any other person having already been subjected to penalty for default under any provisions of this Act, again commits such default within a period of three years from the date of order imposing such penalty passed by the adjudicating officer or the Regional Director, as the

case may be,

it or he shall be liable for the second or

subsequent defaults for an amount equal to twice the amount of penalty provided for such default under the relevant provisions of

this Act.