Upon failure to hold Statutory Meeting, the penalty for the defaulting Company shall be:

Option A: Rs. 500 per day of default

Option B: Wound up

Option C: Rs. 1000 per day of default

Option D: None of these

Correct Answer

Option: d

Explanation

In case of any default made in filing the statutory report or in conduct of the statutory meeting, the members responsible will be liable to fine according to Section 165(9), Companies Act, 1956. Section 165(9) states that if default is made in complying with the provisions of this section, every director or other officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees”. *With effect from 13-12-2000 the amount has been increased from Rs. 500 to Rs. 5,000. There is no provision for statutory meeting under the Companies Act, 2013.

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THE CONSTITUTION OF INDIA, 1949 (PAPER – 10 Q. NO. 316 TO 350)

THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 11 Q. NO. 401 TO 440)

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