TMI BlogPunishment for contraventionX X X X Extracts X X X X X X X X Extracts X X X X ..... ficer of the company who is in default shall be punishable 5 [ **** ] with fine which shall not be less than ten thousand rupees but which may extend to 6 [ one lakh rupees ] . (2) If an auditor of a company contravenes any of the provisions of section 139, 7 [ **** ] , section 144 or section 145, the auditor shall be punishable with fine which shall not be less than twenty-five tho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, statutory bodies or authorities 3 [or to members or creditors of the company] for loss arising out of incorrect or misleading statements of particulars made in his audit report. (4) The Central Government shall, by notification, specify any statutory body or authority or an officer for ensuring prompt payment of damages to the company or the persons under clause (ii) of sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ability of an audit firm, in respect of liability other than fine, the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud shall only be liable.] ******************** Notes:- 1. Inserted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 09-02-2018 2. Substituted vide The Companie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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