Amended and updated notes on section 99 of Companies Act 2013. Detail discussion on provisions and rules related to punishment for default in complying with provisions of sections 96 to 98.
Chapter VII (Sections 88–122) of the Companies Act, 2013 (CA 2013) deals with the provisions related to management and administration. Section 99 of CA 2013 provides for punishment for default in complying with provisions of sections 96 to 98.
Recently, we have discussed in detail section 98 (Power of Tribunal to call meetings of members, etc.) of CA 2013. Today, we learn the provisions of section 99 of Companies Act 2013.
Section 99 of the Companies Act, 2013 has been notified by the Ministry of Corporate Affairs (MCA) vide Notification No. S.O. 1934(E) issued dated 01.06.2016. This notification shall come into force from 1st June, 2016 i.e. the commencement date of section 99 is 01-06-2016.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | VII |
| Chapter Name | Management and Administration |
| Section No. | 99 |
| Section Name | Punishment for default in complying with provisions of sections 96 to 98 |
| Monthly Updated Edition | Company Law PDF |
Section 99 of Companies Act 2013: Punishment for default in complying with provisions of sections 96 to 98
Section 99 shall come into force on 1st June, 2016 vide Notification No. S.O. 1934(E) issued dated 01.06.2016.
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.