If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made there under, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to ten thousand rupees, and where the contravention is continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which the contravention continues.
Legal Commentary & Landmark Judgments: Section 450
Section 450 serves as the residual penal and penalty clause of the Companies Act, 2013, imposing monetary liabilities on companies and officers in default for contravening any statutory provision or rule lacking a bespoke sanction.
In adjudication proceedings before the RoC for technical or secretarial non-compliances, argue that Section 450 caps continuing liability at Rs. 50,000 for officers in default, resisting any arbitrary escalation or multi-count stacking of penalties.