What are the provisions for violating section 40

No, there is no refund in such cases. It is only in case minimum amount has not been subscribed, then refund has to be made as per Sec 39 and Rule 11

Sahibdeep Singh

CA Inter

★ 14K+

17-Oct-21 22:34

(5) If a default is made in complying with the provisions of this section, the company shall be punishable with a fine which shall not be less than five lakh rupees but which may extend to fifty lakh rupees and every officer of the company who is in default shall be punishable 1[Omitted] with fine which shall not be less than fifty thousand rupees but which may extend to 2[three lakh rupees].

CA Suraj Lakhotia

Admin

14-Oct-21 10:42

Then if sec 40 is violated ,shall we refund the money if anything is alloted?

Thread Starter

Pramod Rajpurohit

CA Inter

★ 0

14-Oct-21 22:23