Section 450 of CA 2013 : Section 450: Punishment Where No Specific Penalty Or Punishment Is Provided

Explanation using Example

Imagine a scenario where XYZ Pvt. Ltd. fails to file its annual returns with the Registrar of Companies (ROC) within the prescribed time frame, which is a requirement under the Companies Act, 2013. However, there is no specific penalty mentioned for this particular contravention in the Act. In this case, Section 450 of the Companies Act, 2013, would come into play. XYZ Pvt. Ltd. and its defaulting officers would be liable to pay a penalty of ten thousand rupees. Moreover, if the company continues to delay the filing, an additional penalty of one thousand rupees per day would be imposed from the day after the due date, until the filing is completed, subject to a maximum of two lakh rupees for the company and fifty thousand rupees for the officer in default.