Punishment for default in complying with provisions of sections 96 to 98

If any default is made in holding a meeting of the company in accordance with section 96 or section 97 or section 98 or in complying with any directions of the Tribunal , the company and every officer of the company who is in default shall be punishable with fine which may extend to one lakh rupees and in the case of a continuing default, with a further fine which may extend to five thousand rupees for every day during which such default continues.

Company means a company incorporated under this Act or under any previous company law

“ Tribunal ” means the National Company Law Tribunal constituted under section 408