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IMPORTANT PENALTIES
BY CA SANIDHYA SARAF
AUDIT SAGA
PENALTIES IN LAW AND AUDIT

SECTION 124 SECTION 127

Default in transferring the Default in Payment of


amount to unpaid Dividend
dividend account

INTEREST OFFICERS IN DEFAULT


Up to 2 years imprisonment + per day
1000 penalty

COMPANY IN DEFAULT
18 % Simple INTEREST
2

Section 128 & Section 129

50,000 5,00,000

PENALTY 50,000 TO 5, 00,000 RUPEES

1 YEAR IMPRISONMENT OR BOTH


Section 134

50,000 5,00,000

PENALTY 50,000 TO 5, 00,000 RUPEES

1 YEAR IMPRISONMENT OR BOTH


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IMPORTANT PENALTIES
BY CA SANIDHYA SARAF
AUDIT SAGA
PENALTIES IN LAW AND AUDIT
Section 135
NO PENALTIES, GENERAL PENALTIES UNDER SECTION

Section 137

1, 00, 000 5, 00, 000

PENALTY 1, 00,000 TO 5, 00,000 RUPEES

6 MONTHS IMPRISONMENT OR BOTH


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IMPORTANT PENALTIES
BY CA SANIDHYA SARAF
AUDIT SAGA
PENALTIES IN LAW AND AUDIT

Section 140 (3)

AUDITOR FAILS TO RESIGNATION STATEMENT TO ROC

Minimum 50, 000


or remuneration Maximum
of Auditor 5, 00, 000
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Important penalties
By ca sanidhya saraf
AUDIT SAGA
Penalties in law and audit

Section 147
Contravention of SECTION 139, 143, 144, 145

GENERAL WILLFULLY CONTRAVEND TO


DEFRAUD SHARE
HOLDERS/CREDITORS/COMPANIES

Min: 25,000
Max: 5,00,000
-OR-
4 times the remuneration w. i. l
Min: 50,000
or both Max: 25, 00,000
-OR-
8 Times the remuneration w. i. l. +
up to 1 year imprisonment or
both
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IMPORTANT PENALTIES
BY CA SANIDHYA SARAF
AUDIT SAGA
PENALTIES IN LAW AND AUDIT
Section 447

Situation (i)
Amount of fraud is 1 % of
turn over or 10 Lakh w.i.l

Max: 10 years imprisonment & Fine


Min: 6 months minimum 100%, Maximum 300%
imprisonment & 3 years if
public interest is involved

Situation (ii) Amount of fraud is less than 1 %


of turn over or 10 Lakh w.i.l &
public interest is not involved

Min: NA
Max: 5 years imprisonment
or up to 20, 00, 000 or both