Without prejudice to the provisions of section 391, if a foreign company contravenes the provisions of this Chapter, the foreign company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees and in the case of a continuing offence, with an additional fine which may extend to fifty thousand rupees for every day after the first during which the contravention continues and every officer of the foreign company who is in default shall be punishable 1*** with fine which shall not be less than twenty-five thousand rupees but which may extend to 2[five lakh rupees].

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Footnote -

1. The words "with imprisonment for a term which may extend to six months or"omitted by Act 29 of 2020, s. 54 (w.e.f. 21-12- 2020).

2.Subs. by s. 54, ibid., for "fifty thousand rupees, or with both" (w.e.f. 21-12-2020).