Section-159: Penalty for Default of Certain Provisions

Notified Date of Section: 01/04/2014

159. ¹[If any individual or director of a company makes any default in complying with any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be liable to a penalty which may extend to fifty thousand rupees and where the default is a continuing one, with a further penalty which may extend to five hundred rupees for each day after the first during which such default continues]]]

Amendments

1.Substituted by the Companies (Amendment) Ordinance,2018 dated 02.11.2018

For section 159,

If any individual or director of a company, contravenes any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to fifty thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues.

the following section shall be substituted, namely:

If any individual or director of a company makes any default in complying with any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be liable to a penalty which may extend to fifty thousand rupees and where the default is a continuing one, with a further penalty which may extend to five hundred rupees for each day after the first during which such default continues.

 2.Substituted by the Companies (Amendment) Ordinance,2019 dated 12.01.2019    [Companies (Amendment) Ordinance 2018 is repealed on 12th January 2019] 

 3. Substituted by the Companies (Amendment) Act,2019 -: Effective From 02nd November 2018  [Companies (Amendment) Second Ordinance 2019 is repealed on 31st July 2019]