Manshi Baid
Punishment to Company:
If any of the provisions of Sec 139 to Sec 146 is contravened then the company shall be punishable with a fine which shall not be less than Rs. 25,000.00 but which may extend to Rs. 5,00,000.00 as provided in section 147 of Companies Act, 2013. Every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to 1 year or fine which shall not be less than Rs. 10,000.00 but which may extend to Rs. 1,00,000.00 or with both.
Punishment to the Auditor
If the auditor contravenes any of the provisions of Sec 139 , 143 , 144 and 145 then he shall be punishable with a fine which shall not be less than Rs. 25000.00 but which may extend to Rs. 5,00,000.00.However if the auditor has contravened such provisions willfully with the intention to deceive the company or its shareholders or creditors or tax authorities , he shall be punishable with imprisonment for a term which may extend to one year and with fine which shall not be less than Rs. 100000.00 but which may extend to Rs. 25,00,000.00.
In case the criminal liability of an audit firm, the liability other than fine shall devolve only on the concerned partner who acted in fraudulent manner.
Is there any ammendment????
Note was nice,It will be more better if u drafted it little more as u did in Section 148 instead of just copy past..!!