Offences, Prosecution And Penalties Under The Companies Bill 2008

Mondaq Business BriefingIndia Law Articles in EnglishCorporate/Company Law (2009)

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Offences, Prosecution And Penalties Under The Companies Bill 2008

1. Introduction:

The Statement of Objects & Reasons appended to the Bill,

inter alia, declares that:

Maximum and minimum quantum of penalties for each offence has

been laid down with a suitable deterrence for repeated

defaults;

Company is identified as a separate entity for imposition of

penalties apart from the officers in default;

In case of fraudulent activities, provision for recovery and

disgorgement have been provided;

Levy of additional fee in a non-discretionary manner for

procedural non compliance, such as late filing of statutory

documents will be provided through Rules to be prescribed. Defaults

of procedural nature will be penalised by levy of monetary

penalties by the adjudicating officers not below the level of

Registrar. The ap...

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