Section 159 - Penalty for default of certain provisions - Companies Act, 2013

1 [Penalty for default of certain provisions 159. 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. ] ********* Notes 1. Substituted vide THE COMPANIES (AMENDMENT) ACT, 2019 w.e.f. 02-11-2018 before it was read as Punishment for contravention 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.