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The Companies Act, 1956

Miscellaneous Provisions (Section 416 to 424)

Section 423 Penalty for non-compliance with sections 421 and 422.

If default is made in complying with the requirements of section 421 or 422, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to two thousand rupees For the purposes of this section, the receiver shall be deemed to be an officer of the company.