Section 168 - Penalty for default in complying with section 166 or 167. - Companies Act, 1956

Penalty for default in complying with section 166 or 167. 168. If default is made in holding a meeting of the company in accordance with section 166, or in complying with any directions of the [1] [Tribunal or the Central Government, as the case may be] under sub-section (1) of section 167, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to [2] [fifty thousand rupees] [3] [and in the case of a continuing default, with a further fine which may extend to [4] [two thousand five hundred rupees] for every day after the first during which such default continues]. ----------------------------------- Notes:- [1] Substituted for "Central Government" by the Companies (Second Amendment) Act, 2002. [2] Substituted for "five thousand rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. [3] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 44. [4] Substituted for "two hundred and fifty rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000.