[Notification Date: 26.03.2014; Effective from: 01.04.2014]

Section 159- Punishment for contravention [Corresponds to Section 266G of the Companies Act, 1956]

If any individual or director of a company, contravenes any of the provisions of section 152, section 155 and section156, such individual or director of the company shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to  fifty thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues.

Section 266G Penalty for contravention of provisions of section 266A or section 266C or section 266D or section 266E.

If any individual or director, referred to in section 266A or section 266C  or section 266D or a company referred to in section 266E, contravenes any of the provisions of those sections, every such individual or director or the company, as the case may be, who or which, is in default, shall be punishable with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues.

Explanation- For the purposes of sections 266A, 266B, 266C, 266D, 266E and 266F, the Director Identification Number means an identification number which the Central Government may allot to any individual, intending to be appointed as director or to any existing directors of a company, for the purpose of his identification as such.